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METHODOLOGY AND SPECIFICATIONS GUIDE

Asian Petrochemicals(Latest Update: May 2013)

[PETROCHEMICALS ]

INTRODUCTION 2

WHAT IS A SPOT PRICE ASSESSMENT? 2OTHER POINTS OF METHODOLOGY 3AROMATICS SWAPS METHODOLOGY 3

ASIAN FREIGHT ASSESSMENTS 4AROMATICS LIQUID CARGO FREIGHT RATES 4GAS CHEMICAL FREIGHT RATES 4

ASIAN OLEFINS 5ETHYLENE (C2) 5PROPYLENE (C3) 5BUTADIENE (C4) 5MONOETHYLENE GLYCOL (MEG) 5

ASIAN AROMATICS 6BENZENE 6BENZENE PAPER SWAPS 6TOLUENE 6STYRENE MONOMER (SM) 7ISOMER-GRADE MIXED XYLENES (ISO-MX) 8SOLVENT-GRADE MIXED XYLENES (SOL-MX) 8PARAXYLENE (PX) 8PARAXYLENE (PX) PAPER SWAPS 9ORTHOXYLENE (OX) 9METHANOL 9

ASIAN GASOLINE COMPONENTS/bIOFUELS 10METHYL TERTIARY BUTYL ETHER (MTBE) 10BIOETHANOL (FUEL-GRADE) 10BIODIESEL 11

ASIAN POLyMERS 11POLYETHYLENES (PE) 11POLYPROPYLENE (PP) 11POLYVINYL CHLORIDE (PVC) 12POLYSTYRENE (PS) 12ACRYLONITRILE BUTADIENE STYRENE (ABS) 12POLYETHYLENE TEREPHTHALATE (PET) 12STYRENE BUTADIENE RUBBER (SBR) 13MIDDLE EAST POLYMER NETBACKS 13

ASIAN INTERMEDIATES 13NORMAL BUTYL ALCOHOL (NBA) 132-ETHYL HEXANOL (2-EH) 13DIOCTYL PHTHALATE (DOP) 13PHTHALIC ANHYDRIDE (PA) 14CAPROLACTAM (CPL) 14ACRYLONITRILE (ACN) 14PURIFIED TEREPHTHALIC ACID (PTA) 14ETHYLENE DICHLORIDE (EDC) 14VINYL CHLORIDE MONOMER (VCM) 15ACETIC ACID (AA) 15VINYL ACETATE MONOMER (VAM) 15

ASIAN SOLvENTS 15PHENOL 15ACETONE 16

ASIAN CHLOR-ALkALI 16CAUSTIC SODA 16

PLATTS NATURAL RUbbER INDEx (Rbx) 16TSR 20 AND RSS 3 16

APPENDIx I 17TYPICAL AROMATICS OPERATIONS 17

APPENDIx II 18

APPENDIx III 18

APPENDIx Iv 19QUALITY SPECIFICATIONS FOR PLATTS RBX TSR 20, RSS 3 19

APPENDIx v 20ASIAN SUBSCRIBER NOTES ISSUED IN 2013 20

METHODOLOGY AND SPECIFICATIONS GUIDE ASIAN PETrOCHEMICALS

2MAY 2013

INTRODUCTION

Platts is committed to providing timely, objective, and accurate price information. Platts uses an open and transparent assessment methodology, published on its website at www.platts.com. Platts methodologies are developed independently and take into account prevailing market standards.

To ensure the reliability of price assessments, Platts reporters follow a clearly defined methodology, which is detailed in the next section. Trained Platts reporters cover markets and reflect tradable values as determined by transactions, bids and offers falling under Platts assessment guidelines.

Platts assessments are based on the latest information collected or received from reliable sources active in the market. Platts reporters communicate with market participants across the entire cross-section of the industry — including producers, consumers, traders, distributors, brokers, shippers/freighters, analysts/consultants and government entities.

As part of the assessment process, Platts reporters will contact the respective buyer and seller involved in a spot transaction to confirm all details which may affect price. Firm bids and offers are also instrumental in determining the latest market price level, as indicative of the range in which deals can occur. Platts reporters also review and analyze other information relevant to market price, including supply and demand, developments in feedstock and derivative markets, and price spreads versus other products or regions.

Simon Thorne Global Editorial Director Platts Petrochemicals May 2013

WHAT IS A SPOT PRICE ASSESSMENT?

“The latest1 range2 in which a standard3 repeatable4 transaction takes place, or could take place5, at arms length6.”

1. Platts assess all petrochemical markets based on the Market On Close, or MOC, system, in which the assessment reflects the value of the market as of the close of the trading day. Platts assessments are therefore not averages or ranges. As such, the latest deals and/or talking levels supersede any previous market activity.

2. The range of the assessment is determined at or above the highest bid and at or below the lowest offer. As spot prices are determined at the margin, Platts considers the most competitive bids and offers, regardless of the size of the player. Assessments are not a weighted average, nor are they necessarily based on a consensus among market participants. Platts accepts information from parties that are determined to be reliable and active in the market.

3. Platts price assessments reflect standard trading parameters, such as cargo size and credit terms. Platts may normalize for assessment purposes those transactions, bids or offers that deviate from standard terms and conditions. Platts may otherwise determine that such price information is unrepresentative of standard trade, and discard it for assessment purposes.

4. To be considered for an assessment, deals must be repeatable to ensure that they are not an aberration. The burden of proof remains with a buyer to show that all market supply can be catered to at a new, higher price level; or with a seller to show to show all market demand can be satisfied at a new, lower price level.

5. Verified deals serve as basis of Platts spot price assessments. However, assessments may change even in the absence of transactions because markets are dynamic, with prices determined by the interplay of a wide range of factors including feedstock costs, derivative product prices, supply-demand fundamentals, and intra-regional or inter-regional trading activity. Platts thus always assesses the tradeable value; the price at which a transaction has taken place or could take place.

6. For a deal to be considered in the assessment process, it must be conducted at arms length, i.e. between non-affiliated parties. Bids and offers must be open to the market at large in order to be considered for assessment.


3MAY 2013

OTHER POINTS OF METHODOLOGY

■■ FOB-CFR Relationships:■Delivered markets priced on CFR basis are assessed as they trade in the delivery locations. These markets are not assessed using a simple freight netback from loading markets priced on FOB basis. Differing supply/demand conditions in both the delivered and loading markets imply that the relative price spread can fluctuate above or below freight costs.

■■ Production costs / margins:■Prices may fall below production cost, or climb above end-user retail margin boundaries, as prices are not influenced by cost-side or demand-side factors alone. Price assessments do not reflect a theoretical supply-demand equilibrium, or seek to restore equilibrium to the marketplace.

■■ Gapping:■Deals done below the level of prevailing bids or above the level of prevailing offers (i.e. selling through the bid or buying through the offer) will not be reflected in Platts assessments.

■■ Repeatability:■Bids, offers and transactions are assessed by Platts against the broader supply/demand generated by those bids/offers and transactions. If a low price offer generates too much buying interest, Platts may determine that the tradeable market value is significantly higher than the level offered. Likewise, if a high price bid generates too much selling interest, Platts may determine that the tradeable market value is significantly lower than the bid.

■■ Vacuums of supply:■Platts will not consider information from buyers considered to be bidding into a vacuum, based on known unavailability of supply. For this reason also, Platts assessments do not cover the most extreme prompt loading or delivered timings, in which price distortions are expected.

■■ Merchantability:■Platts cargo assessments are based on merchant grades. Bids and offers that exclude legitimate supply sources may be deemed restrictive and excluded from the assessment process.

■■ Frivolous conditions:■Platts will not publish or assess bids or offers which are deemed to be frivolous in nature. This includes unusually high offers or low bids that seek to distort market perception of prevailing trading prices. It also includes bids/offers of cargoes with unusually complicated terms or optionality clauses, which would prohibit regular trade with counterparts in the open marketplace.

■■ Excessive optionality:■In cases where the apparent value of the commodity includes extra optionalities and the intrinsic value of the commodity is masked, Platts may exclude the bid, offer or transaction from its assessment process. Platts objective is to reflect the standard transactable value of the commodity assessed. Typical optionalities that mask the value of a commodity include loading or delivery options held by a buyer or seller, volume option tolerances exercisable by a buyer or seller, or abnormal quality specifications. Exceptions include origin restrictions which are stated as non-standard due to quality issues; restrictions on the reimport of domestic-origin cargoes; and embargoed origin cargoes excluded under international trade restrictions. The following are examples of excessive optionalities which are excluded from price assessment:

■■ Variable volume: e.g. X offer H1 Oct at $1100/mt FOB Korea 3-5kt (volume at seller’s option)

■■ Variable credit: e.g. X bid H1 Oct at $1100/mt CFR China 2kt (LC at sight or 30 days at buyer’s option)

■■ Unspecified delivery point: e.g. Y offer H1 Oct at $1100/mt CFR China/Taiwan 3kt (port at seller’s option)

■■ Origin restriction: e.g. X bid H1 Oct at $1100/mt CFR China 2kt (Asian origin only)

■■ Origin restriction: e.g. Y bid H1 Oct at $1100/mt CFR China 2kt (non-US origin)

■■ Restrictive timing options: e.g. X bid any Jun $1285/mt OR any Jul $1285/mt CFR Taiwan 5kt, month at buyer’s option upon deal fixture

■■ Restrictive nomination conditions: e.g. X bid any Sep $990/mt FOB Korea big berth Yeosu, Onsan, Ulsan (BB YOU) 3kt [Bid made on 16 August after standard half-month nomination date for any September loadings]

AROMATICS SWAPS METHODOLOGY

Timing: The assessment reflects a market-on-close value at 1630 Singapore time (0830 GMT). The assessment reflects the tradable level at this time. Balance month swaps will be reported on PCA 5 until the 15th of the month. After such time, bids and offers for balance month swaps will continue to be posted on PCA 5, but no assessment will be published for this derivative instrument. Full calendar month swaps for the month-ahead and the subsequent month are quoted throughout the calendar month prior to rollover. Rollovers occur on the first working day of the month.

Assessment window guidelines: To further enhance transparency in the Asian petrochemicals assessment window, Platts adheres to the following timing standards. Initial spread bids and offers of paper swaps must be acknowledged as received by Platts no later than 16:15:00 local Singapore time (0815 GMT). The cut-off is applicable to spreads including product spreads (eg. paraxylene/isomer-MX, styrene/benzene), and to time spreads such as October/November, Q3/Q4, and so on. Initial outright swaps bids and offers (e.g. December benzene paper) must be acknowledged as received by Platts no later than 16:20:00 local Singapore time (0820 GMT). Platts will consider incremental price changes made to spreads and outright swaps positions up to 16:30:00 local Singapore time (0830 GMT).

General reporting principles applicable to all derivatives markets:

■■ In Asia, paper swaps bids, offers and transactions are reported in real-time throughout the day on Platts’ electronic information service, Petrochemicals Alert, on page 5.

■■ During the assessment window, Platts publishes counterparty names alongside all swaps bids, offers and transactions.

■■ Platts only publishes and evaluates information from sources considered credible and creditworthy.


4MAY 2013

■■ Bids/offers of paper swaps received by Platts after published timing cut-off guidelines will be disregarded and not published.

■■ Firm, executable bids or offers posted onto PCA 5 will be taken into consideration for assessments.

■■ Assessments are a reflection of deals and bid/offers and are subject to careful review.

■■ Information will be cross-checked to ensure data integrity.

■■ Assessments reflect the value of market on close.

■■ Illiquid markets may be assessed relative to more active benchmarks with more accurate price discovery.

■■ Transactions done after market close will be disregarded.

Brief explanation of derivatives terminology:

Swap: A financially-settled contract traded in the over-the-counter market. Also referred to as “paper”, a swap is a fixed price transaction where the buyer is paid (or pays) the difference between the agreed price and the average value of an underlying benchmark price. Under a December swap bought at $1,000/mt, for example, the seller would pay the buyer $10/mt if the underlying benchmark averaged $1,010/mt over the month of December. Alternatively, the buyer would pay the seller $10/mt if the reference price averaged $990/mt.

Financial settlement: Unlike physically-settled forward cargo trades, paper swaps are financially-settled derivative contracts. For example, the difference between buying an “April benzene cargo” and an “April benzene swap” is this: in the first case the buyer would take delivery of a cargo of the product, while in the second case the buyer would pay (or be paid) the difference between the swap price and the average of benzene cargo assessments in April. Specific product assessment details are found in later sections.

Month: A calendar monthly swap is quoted for the full month calendar month, i.e. from the first to the last business working day in the month. Then the monthly swap assessment is rolled over. A balance monthly swap is assessed until latest the 15th of each month.

Quarter: Quarters are defined as calendar quarters, for example Q3 refers to July, August and September. Quarterly swap assessments roll four times a year on the first business days of January, April, July and October.

Year: Calendar year swaps are quoted a year ahead in most cases, with the yearly swap rolling on the first business day of each year. Year swaps are often settled on a monthly basis over the course of twelve months.

Location spreads: Commodity prices vary depending on localized supply/demand balances and freight rates between locations. Swaps may be traded on a location against location basis, for example FOB Korea against CFR Taiwan. For example, counterparties would settle the difference between the swap price for a location spread by the difference between the published averages of cargo assessments between regions (eg. settlements basis FOB Korea and assessments basis CFR Taiwan).

Time spreads: Each market has its own timing structure, defined by the steepness of price backwardation or contango. This timing structure changes constantly, and a swaps market can develop around the correlations between prompt and forward timings. Swaps are frequently traded on a month against month basis, as well as quarter against quarter and year against year.

ASIAN FREIGHT ASSESSMENTS

AROMATICS LIQUID CARGO FREIGHT RATES

Assessment of aromatics liquid cargo freight rates within Asia are derived using information from ship brokers, ship owners, trading houses, producers and end-users who are active in the market place.

Assessment timing: Price assessments account for confirmed fixtures and other bids and offers for vessel space up to one calendar month ahead of publication date, up until market-on-close at 4:30 pm Singapore time (0830 GMT) daily.

Cargo size and location: 2,000-3,000mt: Korea-Taiwan (BTX, SM); Korea-East China (BTX, SM); Korea-South China (SM, toluene); Korea-India (toluene); Middle East-Singapore (SM, MTBE); Middle East-Taiwan (SM); Middle East-East China (SM, OX); Middle East-South China (SM); Middle East-India (SM, OX), 3,000mt: Pasir Gudang-Singapore (benzene); Pasir Gudang-Indonesia (toluene); Pasir Gudang-India (OX); Map Ta Phut-Singapore (benzene); Map Ta Phut-Taiwan (toluene); Map Ta Phut-India (OX); Indonesia-Singapore (benzene); Indonesia-East China (SM); Indonesia-Korea (benzene); Indonesia-Al-Jubail (benzene); India-Singapore (benzene), India-East China (OX), 5,000mt: Korea-Taiwan (PX); Korea-East China (PX); Korea-South China (PX), 5,000-7,000mt: Middle East-Korea (PX); Middle East-South East Asia (PX); India-Indonesia (PX); India-East China (PX); India-Pakistan (PX); India-Middle East (benzene), 5,000-10,000mt: USGC-Korea (SM, PX, MX); USGC-Taiwan (PX, MX); USGC-East China (SM, PX, OX); USGC-South China (PX), 10,000mt: Korea-USGC (benzene, toluene).

GAS CHEMICAL FREIGHT RATES

Assessment of gas chemical cargo freight rates within Asia are derived using information from ship brokers, ship owners, trading houses, producers and end-users who are active in the market place.

Assessment timing: Price assessments account for confirmed fixtures and other bids and offers for vessel space up to one calendar month ahead of publication date, up until market-on-close at at 4:30 pm Singapore time (0830 GMT) daily.

Cargo size and location: 2,000-4,000mt (ethylene): Korea-Taiwan/China; Thailand-Indonesia/South East Asia; Middle East-South East Asia. For specific ports in Korea, Taiwan, China and South East Asia see ports under ethylene methodology.The ports in the Middle East include Ruwais (UAE), Jubail & Rabigh (Saudi Arabia), Shuaiba (Kuwait), Mesaieed (Qatar), Assaluyeh & Bandar Imam Khomeini (Iran). 1,500mt (pressurized propylene and butadiene): Korea-Taiwan/China; Korea-South East Asia; Intra-ASEAN. For specific ports in Korea, Taiwan, China and South East Asia see ports under propylene and butadiene methodology.


5MAY 2013

ASIAN OLEFINS

ETHYLENE (C2)

Assessment window: Daily assessments CFR North East Asia and CFR South East Asia based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT). Weekly assessments FOB Korea based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT) on Fridays. Weekly averages of daily assessments CFR North East Asia and CFR South East Asia are published on Fridays.

Timing: Cargoes loaded (FOB) or delivered (CFR) 20-40 days forward from date of publication.

Basis and locations: FOB Korea: Daesan, Ulsan, Yeosu; CFR South East Asia: Indonesia (Merak), Philippines (Manila Bay anchorage, barge cost not included), Thailand (Map Ta Phut); Malaysia (Pasir Gudang, Kertih); CFR North East Asia: Korea (Daesan, Ulsan, Yeosu), Taiwan (Kaohsiung, Mailiao), Japan (Mizushima, Chiba, Tokuyama, Kashima, Ube, Oita, Yokkaichi, Kawasaki); China (East China main ports: Shanghai, Ningbo, Nantong. Other ports such as Dalian, Nanjing, Shantou, Guangzhou, Shenzhen, Taixing, Changzhou, Tianjin will be normalized by deducting freight differential to east China main ports).

Cargo size: 2,500-3,500mt.

Terms and conditions: FOB Korea, CFR South East Asia, CFR North East Asia are assessed up to 30 days. For deals with usance of greater than 30 days, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%.

Quality specifications: Minimum purity of 99.9%.

PROPYLENE (C3)

Assessment window: Daily assessments basis FOB Korea and CFR China and weekly assessments basis FOB Korea, CFR Taiwan, CFR South East Asia, FOB Japan and CFR China based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT) on Fridays.


Basis and locations: FOB Korea: Daesan, Onsan, Ulsan, Yeosu; CFR Taiwan: Kaohsiung, Keelung, Mailiao, Taichung; CFR South East Asia: Indonesia (Merak, Batam, Surabaya), Philippines (Manila Bay anchorage, barge cost not included), Malaysia (Kertih, Kuantan, Pasir Gudang, Port Dickson), Singapore, Thailand (Bangkok, Sri Racha, Map Ta Phut); CFR China (East China main ports: Shanghai, Ningbo, Nantong. Dalian, Nanjing, Taixing, Yichen, Shantou, Guangzhou, Shenzhen will be normalized by deducting freight differential to east China main ports); FOB Japan: Mizushima, Chiba, Tokuyama, Kashima, Ube, Oita, Yokkaichi, Kawasaki (in the absence of deals, the FOB Japan quote is netbacked from the FOB Korea assessment by subtracting a freight differential.)

Cargo size: Standard pressurized cargoes of 1,500mt. Larger refrigerated cargoes may be normalized to equivalent pressurized cargo prices.

Terms and conditions: FOB Korea, CFR Taiwan, CFR South East Asia, FOB Japan are assessed up to 30 days. For deals with usance of greater than 30 days, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%.

Quality specifications: Polymer grade with minimum purity of 99.6%.

BUTADIENE (C4)

Assessment window: Daily assessments FOB Korea and CFR China based on latest information sourced from the market up to the close of the assessment window at 4:30pm Singapore time (0830 GMT). Daily China domestic price in Yuan/mt is ex-tank basis inclusive of the 17% value added tax. Weekly assessments CFR Taiwan, CFR Southeast Asia and FOB Japan based on latest information sourced from the market up to the close of the assessment window at 4:30pm Singapore time (0830 GMT). Weekly averages of FOB Korea and CFR China are published on Fridays.


Basis and locations: FOB Korea (Daesan, Ulsan, Yeochon), CFR Taiwan (Mai Liao, Kaohsiung), CFR South East Asia: Indonesia (Merak) Thailand (Ma Ta Phut, Rayong), Malaysia (Penang); FOB Japan (Kawasaki, Chiba, Kashima, Yokkaichi, Mizushima, Tokuyama); CFR China (Nantong, Tianjin, Dalian, Shanghai, Ningbo, Guangzhou).

Cargo size: FOB Korea, CFR China, CFR Taiwan, CFR Southeast Asia, FOB Japan: 1,500-5,000. China Domestic: 200-500 mt.

Terms and conditions: FOB Korea, CFR Taiwan, CFR South East Asia, FOB Japan and CFR China are assessed up to 30 days. For deals with usance of greater than 30 days, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%. China domestic: Assessed at sight basis with cash payment.

Quality specifications: Minimum purity of 99.5%. Dimer content maximum 1,000 ppm.

MONOETHYLENE GLYCOL (MEG)

Assessment Window: Daily assessments CFR China and China domestic price based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT). China domestic ex-tank assessments include 17% value added tax. Weekly assessments CFR South East Asia based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT) on Fridays. Weekly average of daily CFR China assessments published on Friday. Nominated contract prices basis CFR Asia are published on Friday. Platts has, from June 1, 2011, discontinued the CFR Taiwan assessments.


6MAY 2013

Timing: CFR China, CFR Southeast Asia cargoes delivered (CFR) up to 15-30 days forward from date of publication. China Domestic: Parcels to be loaded up to 10 days forward from date of publication.

Basis and locations: CFR South East Asia: Malaysia (Port Klang), Thailand (Map Ta Phut, Bangkok); CFR China: Taicang, Jiangyin, Nantong, Ningbo, Zhangjiagang. China domestic: ex-tank Nantong, Taicang, Jiangyin, Zhangjiagang. Producer contract price nominations CFR Asia are also published weekly.

Cargo size: CFR China, CFR Southeast Asia: 1,000-3,000 mt. China Domestic: 50-100mt. For lots larger than 100mt, value will be normalized according to market fundamentals.

Terms and conditions: CFR South East Asia and CFR China are assessed as of 90 days credit. For deals with usance greater or less than 90 days, the value of the credit will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate + 1.5%.

Standard operation procedures: Market participants should specify for a half-month date range at the time of submitting a bid or offer for publication. The buyer is to declare delivery port 15 days prior to the first day of the delivery period. The seller is to nominate the vessel 10 days prior to the first day of the delivery laycan.

Quality specifications: Fiber grade with minimum purity of 99.8%.

ASIAN AROMATICS

BENZENE

Assessment window: Daily assessments FOB Korea and FOB South East Asia based on latest information sourced from the market up to close of the assessment window at 4:30 pm Singapore time (0830 GMT). Weekly assessments basis CFR Taiwan up to close of the assessment window at 4:30 pm Singapore time (0830 GMT) on Fridays. Weekly averages of daily assessments FOB Korea and FOB South East Asia are published on Fridays.

Timing: Daily assessments FOB Korea evaluate cargoes for delivery in second, third, fourth, fifth and sixth half-month forward cycles. Each half-month assessment cycle covers 15 or 16 days. All half-month cycles are rolled forward on the 1st and 16th day of each calendar month. For example, on March 1, 2011, the half-month cycles assessed would be H2 March, H1 April, H2 April, H1 May, and H2 May. The daily FOB Korea marker averages the means of the third and fourth half-month forward assessment ranges. Daily price differentials (premia/discounts) basis FOB South East Asia relative to daily assessments FOB Korea are published for second, third and fourth forward loading half-month cycles. The daily marker FOB South East Asia is calculated using the FOB Korea marker plus averaged differentials to FOB Korea assessments for the respective third and fourth forward half-month cycles. Weekly assessments basis CFR Taiwan evaluate cargoes to be loaded or delivered 20-40 days forward from date of publication.

Basis and locations: FOB Korea: Onsan, Ulsan, Yeosu loaded from big berths able to accommodate MR-sized vessels. Platts will normalize bids/offers/trades which include Daesan/Inchon ports, by adding the extra deviation

freight cost assessed. CFR Taiwan: Kaohsiung, Keelung, Mailiao; FOB South East Asia: Singapore, Thailand (Ma Ta Phut), Malaysia (Pasir Gudang), Indonesia (Tuban). Incremental freight differences will be accounted for in the assessment of FOB SEA prices, by normalizing to the average of three shipping routes from Map Ta Phut, Pasir Gudang and Tuban to the predominant enduser market of Singapore. These intra-South East Asia freight rates are published daily. Producer contract price nominations and settlements CFR Asia are also published weekly.

Cargo size: 3,000 mt standard. Prices of 2,000-4,000 mt cargoes may be normalized for assessment.

Credit terms: FOB Korea, FOB SEA, CFR Taiwan are assessed at sight basis. For deals with non-standard usance, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%.

Terms and conditions: FOB Korea: Port at seller’s option. Bids/offers detailing unusual quality requirements, selective ports or producers in Korea, or non-standard terms and conditions may not be assessed. FOB SEA: Offers expected on specific, single port basis with half-month or narrower laycan timing, as per producers’ cargo scheduling. Bids expected on half-month basis with port at seller’s option. Bids for a specific port or narrower timing may not be assessed.

Quality specifications: Conforming to latest edition of international standard ASTM D-2359.

Standard operational procedure (FOB Korea): Buyer to declare half-month of loading by 10th of preceding month. Seller to declare load port 15 days prior to the first day of the declared half-month cycle. Buyer to declare 5-day loading laycan 10 days prior to the first day of the half-month cycle. Buyer to nominate vessel 10 days prior to the first day of the 5-day loading laycan. Buyer to open irrevocable L/C at sight 7 days prior to the first day of the laycan.

(Please also refer to the Platts Guidelines for PCA 005 Assessment Process.)

BENZENE PAPER SWAPS

Basis: Platts assesses swaps for benzene FOB Korea.

Volume: The assessed trading volume is a standard 1,000mt.

TOLUENE

Assessment window: Daily assessments FOB Korea and CFR China (CFR China LC 0-30 days and CFR China LC 90 days) and domestic China ex-tank based on latest information sourced from the market up to close of the assessment window at 4:30 pm Singapore time (0830 GMT). Domestic China assessment is inclusive of 17% value added tax. Weekly assessments FOB South East Asia, CFR South East Asia, CFR India and CFR Taiwan up to close of the assessment window at 4:30 pm Singapore time (0830 GMT) on Fridays. Weekly averages of daily assessments FOB Korea and CFR China (CFR China LC 0-30 days and CFR China LC 90 days) are published on Fridays.


7MAY 2013

Timing: Daily assessments FOB Korea evaluate cargoes for delivery in second, third, fourth, fifth and sixth half-month forward cycles. Each half-month assessment cycle covers 15 or 16 days. All half-month cycles are rolled forward on the 1st and 16th day of each calendar month. For example, on March 1, 2011, the half-month cycles assessed would be H2 March, H1 April, H2 April, H1 May, and H2 May. The daily FOB Korea marker averages the means of the third and fourth half-month forward assessment ranges. Daily assessments CFR China evaluate cargoes for delivery in second and third half-month forward cycles. The daily CFR China markers (CFR China LC 0-30 days and CFR China LC 90 days) averages the means of the second and third half-month forward assessment ranges. Weekly assessments basis CFR Taiwan, FOB South East Asia, CFR South East Asia and CFR India evaluate cargoes to be loaded or delivered 20-40 days forward from date of publication. China Domestic: Parcels to be loaded up to 10 days forward from date of publication.

Basis and locations: FOB Korea: Daesan, Ulsan, Yeosu; CFR China (CFR China LC 0-30 days and CFR China LC 90 days): Dongguan, Jiangyin, Nanjing, Nansha, Ningbo, Shanghai, Zhangjiagang, Zhenjiang. CFR Taiwan: Kaohsiung, Keelung, Mailiao; FOB South East Asia: Singapore, Malaysia (Pasir Gudang), Indonesia (Merak); CFR South East Asia: Malaysia (Port Klang), Indonesia (Merak, Surabaya), Philippines (Batangas); CFR India: Kandla, Mumbai and Vizag. China Domestic: Ex-tank Zhangjiagang.

Cargo size: FOB Korea, CFR Taiwan, CFR China (CFR China LC 0-30 days and CFR China LC 90 days), CFR India: 2,000mt; FOB SEA, CFR SEA: 2,000mt. China Domestic: 50-100mt. For lots larger than 100mt, value will be normalized according to market fundamentals.

Credit terms: FOB Korea is assessed on an at sight basis. CFR Taiwan, FOB SEA, CFR SEA, CFR India are assessed on LC 0-30 days credit terms; CFR China LC 0-30 days is assessed zero to 30 days (assessments normalized to the mid-point of 0-30 days) and CFR China LC 90 days is with 90 days credit; For deals with non-standard usance, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%. China Domestic is assessed at sight basis with cash payment.

Terms and conditions: Platts assesses toluene cargoes of open origin and may not consider for assessment bids basis FOB Korea which state Korean-origin restriction.

Quality specifications: Nitration-grade conforming to latest edition of international standard ASTM D-841.

Standard operational procedure (FOB Korea): Buyer to declare half-month of loading by 10th of preceding month. Seller to declare load port 15 days prior to the first day of the declared half-month cycle. Buyer to declare 5-day loading laycan 10 days prior to the first day of the half-month cycle. Buyer to nominate vessel 10 days prior to the first day of the 5-day loading laycan. Buyer to open irrevocable L/C at sight 7 days prior to the first day of the laycan.


STYRENE MONOMER (SM)

Assessment window: Daily assessments FOB Korea, CFR China, CFR Taiwan and China domestic ex-tank based on latest information sourced from the market up to close of the assessment window at 4:30 pm Singapore time (0830 GMT). Domestic China assessment is inclusive of 17% value added tax. Weekly assessments CFR South East Asia, CFR Japan, CFR India and domestic China assessment ex-tank Shanghai (in Yuan/mt) up to close of the assessment window at 4:30 pm Singapore time (0830 GMT) on Fridays. Weekly averages of daily assessments FOB Korea, CFR China and CFR Taiwan are published on Fridays.

Timing: Daily assessments FOB Korea evaluate cargoes for delivery in second, third, fourth and fifth half-month forward cycles. Each half-month assessment cycle covers 15 or 16 days. All half-month cycles are rolled forward on the 1st and 16th day of each calendar month. For example, on March 1, 2011, the half-month cycles assessed would be H2 March, H1 April, H2 April and H1 May. Daily assessments CFR China evaluate cargoes for delivery in second, third and fourth half-month forward cycles. Daily FOB Korea and CFR China markers average the means of the third and fourth half-month forward assessment ranges (second and third half-month forward published assessment cycle). Daily CFR China markers average the means of the second and third half-month forward assessment ranges (first and second half-month forward published assessment cycle). Daily marker assessments CFR Taiwan are assessed at parity to CFR China marker with 60 days’ credit deducted. Weekly assessments basis CFR South East Asia, CFR Japan and CFR India evaluate cargoes to be delivered 20-40 days forward from date of publication. China Domestic assessments cover parcels to be loaded up to 10 days forward from date of publication.

Basis and locations: FOB Korea: Daesan, Ulsan, Yeosu; CFR China: Jiangyin, Nanjing, Nantong, Ningbo, Shanghai, Zhangjiagang, Zhenjiang; CFR Taiwan: Kaohsiung, Mai Liao, Anping (in the absence of deals, CFR Taiwan is valued on par with CFR China with 60 days’ credit deducted); CFR South East Asia: Map Ta Phut, Manila Bay (anchorage, barge cost not included); CFR Japan: Mizushima, Chiba, Tokuyama, Kashima, Ube, Oita (in the absence of deals, CFR Japan is valued on par with CFR China); CFR India: Mumbai, Vizag; China Domestic: Ex-tank Zhangjiagang and Jiangyin.

Cargo size: 2,000mt. China Domestic: 50-100 mt. For lots larger than 100 mt, value will be normalized according to market fundamentals.

Credit terms: FOB Korea is assessed at sight basis; CFR China is assessed at 90 days; CFR Taiwan is assessed at 30 days; CFR Japan, CFR India, CFR SEA are assessed at zero to 30 days (assessments normalized to the mid-point of 0-30 days); China Domestic is assessed at sight basis with cash payment. For deals with non-standard usance, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%.

Terms and conditions: Platts assesses styrene monomer cargoes of open origin and may not consider for assessment bids/offers basis FOB Korea which state Korean-origin restriction.

Quality specifications: Conforming to latest edition of international standard ASTM D-2827.


8MAY 2013

Standard operational procedure (FOB Korea): Buyer to declare half-month of loading 15 days prior to the first day of the month. Seller to declare load port 15 days prior to the first day of the declared half-month cycle. Buyer to nominate vessel 10 days prior to the first day of the half-month cycle. Buyer to declare 5-day loading laycan 10 days prior to the first day of the half-month cycle. Buyer to open irrevocable L/C at sight 7 days prior to the first day of the laycan.

Standard operational procedure (CFR China and CFR Taiwan): Seller declares half-month of delivery 15 days prior to the first day of the month.. Buyer declares discharge port 15 days prior to the half-month delivery period. Seller nominates vessel 10 days prior to 1st day of the half-month of delivery. Buyer to open L/C no later than 7 days prior to the payment date or first day of the laycan, whichever is earlier.


ISOMER-GRADE MIXED XYLENES (ISO-MX)

Assessment window: Daily assessments FOB Korea and CFR Taiwan based on latest information sourced from the market up to close of the assessment window at 4:30 pm Singapore time (0830 GMT). Weekly assessments CFR South East Asia up to close of the assessment window at 4:30 pm Singapore time (0830 GMT) on Fridays. Weekly averages of daily assessments FOB Korea and CFR Taiwan are published on Fridays.

Timing: Daily assessments FOB Korea and CFR Taiwan evaluate cargoes for delivery in second, third, fourth and fifth half-month forward cycles. All half-month cycles are rolled forward on the 1st and 16th day of each calendar month. For example, on March 1, 2011, the half-month cycles assessed would be H2 March, H1 April, H2 April and H1 May. The daily FOB Korea and CFR Taiwan markers average the means of the respective third and fourth half-month assessment ranges. Weekly assessments CFR South East Asia evaluate cargoes to be delivered 20-40 days forward from date of publication.

Basis and locations: FOB Korea: Daesan, Ulsan, Yeosu, Inchon; CFR Taiwan: Kaohsiung, Keelung, Mailiao; CFR South East Asia: Singapore, Thailand (Sri Racha, Map Ta Phut).

Cargo size: 3,000mt.

Credit terms: FOB Korea is assessed at sight;; CFR Taiwan, CFR South East Asia are assessed at 30 days. For deals with non-standard usance, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%.

Quality specifications: Maximum bromine index of 20 parts per million (ppm), maximum ethylbenzene content of 18, maximum non-aromatics content of 1%

Standard operational procedure (FOB Korea): Buyer to declare half-month of loading 15 days prior to the first day of the month. Seller to declare load port 15 days prior to the first day of the declared half-month cycle. Buyer to declare 5-day loading laycan 10 days prior to the first day of the half-month cycle. Buyer to nominate vessel 10 days prior to the first day of the 5-day loading laycan. Buyer to open irrevocable L/C at sight 7 days prior to the first day of the laycan.

Standard operational procedure (CFR Taiwan): Seller declares half-month of delivery 15 days prior to the first day of the month. Buyer declares discharge port 15 days prior to the half-month delivery period. Seller nominates vessel 10 days prior to 1st day of the half-month of delivery. Buyer to open L/C no later than 7 days prior to the payment date or first day of the laycan, whichever is earlier.


SOLVENT-GRADE MIXED XYLENES (SOL-MX)

Assessment window: Weekly assessments FOB Korea, CFR Taiwan, CFR South East Asia and CFR China (CFR China LC 0-30 days and CFR China LC 90 days) based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT) on Fridays.

Timing: Cargoes loaded FOB or delivered CFR 20-40 days forward from date of publication.

Basis and locations: FOB Korea: Daesan, Ulsan, Yeosu; CFR Taiwan: Kaohsiung, Keelung, Mailiao; CFR South East Asia: Indonesia (Merak, Surabaya), Malaysia (Port Klang), Vietnam (Ho Chi Minh); CFR China (CFR China LC 0-30 days and CFR China LC 90 days): Dongguan, Jiangyin, Nanjing, Nansha, Ningbo, Shanghai, Zhangjiagang, Zhenjiang.


Terms and conditions: FOB Korea is assessed at sight. CFR Taiwan, CFR South East Asia and CFR China LC 0-30 days are assessed up to 30 days on LC basis. For deals with usance of greater than 30 days, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%. CFR China LC 90 days is assessed with 90 days of credit.

Quality specifications: Conforming to latest edition of international standard ASTM D-846 with one or more isomer removed; maximum ethylbenzene content of 55-60%; maximum metaxylene, paraxylene and orthoxylene content of 15-20%.

PARAXYLENE (PX)

Assessment window: Daily physical cargo assessments FOB Korea and CFR Taiwan/China based on latest information sourced from the market up to close of the assessment window at 4:30 pm Singapore time (0830 GMT). Weekly assessments FOB South East Asia up to close of the assessment window at 4:30 pm Singapore time (0830 GMT) on Fridays. Weekly averages of daily assessments FOB Korea and CFR Taiwan are published on Fridays. Please refer to the section on PX swaps for assessment methodology of derivative paper instruments.

Timing: Daily assessments FOB Korea and CFR Taiwan/China evaluate cargoes for delivery in second, third, fourth and fifth half-month forward cycles. Each half-month assessment cycle covers 15 or 16 days. All half-month cycles are rolled forward on the 1st and 16th day of each calendar month. For example, on March 1, 2011, the half-month cycles assessed would be H2 March, H1 April, H2 April and H1 May. The daily FOB Korea and CFR Taiwan/China markers average the means


9MAY 2013

of the assessed low-high ranges for third and fourth half-months forward. Weekly assessments CFR South East Asia evaluate cargoes to be delivered 20-40 days forward from date of publication.

Basis and locations: FOB Korea (Ulsan, Onsan, Daesan, Yeosu); CFR Taiwan/China (Kaohsiung, Taichung, Suao, Mai Liao; Shanghai, Ningbo, Xiamen, Zhuhai, Dalian). Prices basis CFR China ports are normalized by deducting or subtracting freight cost differences from standard basis CFR Taiwan. Taiwan-China freight rates are published on daily fixed pages. CFR South East Asia: Indonesia (Merak, Jakarta), Malaysia (Kuantan), Thailand (Map Ta Phut). Asian contract price settlements and producers’ contract price nominations CFR Asia are also published weekly.


Credit terms: FOB Korea at sight basis; CFR Taiwan/China, CFR South East Asia are assessed at 30 to 45 days’ credit (assessments normalized to the mid-point of 30-45 days). For deals with non-standard usance, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%.

Terms and conditions: Assessments CFR Taiwan/China are inclusive of cargoes of Indian origin, but exclude cargoes of Iranian or Chinese origin. Platts assesses bids on CFR Taiwan/China basis with specified single or multiple ports of destination at buyer’s option; and offers only at buyer’s option of port location. Platts may not assess offers of restrictive optionality, including single port destination. For any-month bids or offers on CFR basis, seller’s optionality over half-month timing is assumed. Platts assesses paraxylene cargoes of open origin and may not consider for assessment bids/offers basis CFR Taiwan/China which state Asian-origin or GCC-exclusion restriction.

Quality specifications: Minimum purity of 99.7%. ASDM standard D2360.

Standard operational procedure (FOB Korea): Buyer to declare half-month 15 days prior to the first day of the month. Seller to declare load port 15 days prior to the first day of the declared half-month cycle. Buyer to nominate vessel 10 days prior to the first day of the half-month cycle. Buyer to declare 5-day loading laycan 10 days prior to the first day of the half-month cycle. Buyer to open irrevocable L/C at sight 7 days prior to the first day of the laycan.

Standard operational procedure (CFR Taiwan/China): Seller declares half-month of delivery 15 days prior to the first day of the month. Buyer declares discharge port 15 days prior to the half-month delivery period. Seller nominates vessel 10 days prior to 1st day of the half-month of delivery. Buyer to open L/C no later than 7 days prior to the payment date or first day of the laycan, whichever is earlier.


PARAXYLENE (PX) PAPER SWAPS

Platts has discontinued the Asian PX paper swap assessments from May 2, 2011.

ORTHOXYLENE (OX)

Assessment window: Weekly assessments FOB Korea, CFR South East Asia, CFR India and CFR China based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT) on Fridays.

Timing: Cargoes loaded FOB or delivered CFR 20-40 days forward from date of publication.

Basis and locations: FOB Korea (Ulsan, Yeosu); CFR South East Asia: Singapore, Indonesia, Thailand; CFR India; Kolkata, Chennai, Mumbai; CFR China;


Terms and conditions: FOB Korea, CFR South East Asia and CFR India are assessed up to 30 days. For deals with usance of greater than 30 days, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%. CFR China LC 90 days is assessed with 90 days of credit.

Quality specifications: Minimum purity of 98%; maximum non-aromatic content of 0.3%.

METHANOL

Assessment window: Daily physical cargo assessments CFR China, CFR South East Asia and domestic east China ex-tank assessments based on latest information sourced from the market up to close of the assessment window at 4:30 pm Singapore time (0830 GMT). Domestic China assessment is inclusive of 17% value added tax. Weekly assessments basis CFR Korea, CFR Taiwan, and CFR India based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT) on Fridays. Weekly averages of daily assessments CFR China, CFR SEA, and domestic east China ex-tank assessments are published on Fridays.

Timing: Daily assessments CFR China and CFR South East Asia, and weekly assessments CFR Korea, CFR Taiwan, and CFR India evaluate cargoes for delivery 20-40 days forward from date of publication. China domestic: parcels loaded up to 10 days forward from date of publication.

Basis and locations: CFR China: Nantong, Taicang, Jiangyin, Zhangjiagang, Ningbo; CFR Korea: Ulsan, Yeosu, Pyeongtaek; CFR Taiwan: Mailiao, Kaohsiung, Taichung; CFR South East Asia: Indonesia (Jakarta, Merak, Surabaya); Malaysia (Port Klang, Kuantan, Kertih); Singapore; Thailand (Bangkok, Map Ta Phut); CFR India: Kandla, Mumbai, Mangalore, Cochin. China domestic: ex-tank Nantong, Taicang, Jiangyin, Zhangjiagang. Producer contract price nominations CFR Asia are also published weekly.

Cargo size: CFR China, CFR Korea: 3,000-5,000mt; CFR Taiwan, CFR South East Asia, and CFR India: 2,000-5,000 mt. China domestic: 200-500mt.

Credit terms: CFR China assessed 60-90 days. CFR Southeast Asia assessed at 30 days. CFR Korea, CFR Taiwan, and CFR India are assessed up to 30 days. China Domestic is assessed at sight basis with cash payment. For deals with non-


10MAY 2013

standard usance, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%.

Quality specifications: CFR China, CFR Korea, CFR Taiwan, CFR South East Asia, and CFR India: Minimum purity of 99.85%; maximum water content of 0.1% by total weight; max ethanol content of 50 parts per million (ppm). China domestic: Minimum purity of 99.85%; max water content of 0.1% by total weight, max ethanol content of 100 parts per million (ppm).

ASIAN GASOLINE COMPONENTS/BIOFUELS

METHYL TERTIARY BUTYL ETHER (MTBE)

Assessment window: Daily assessments FOB Singapore and MTBE factor based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT) on Fridays. A weekly average of daily assessments FOB Singapore is published on Fridays.

Timing: Cargoes loaded 15-40 days forward from date of publication.

Basis and locations: FOB Singapore.


Terms and conditions: FOB Singapore is assessed up to 30 days. For deals with usance of greater than 30 days, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%.

Quality specifications: Minimum purity of 98%; maximum water content of 1,000ppm; maximum methanol content of 1.5% by total weight.

MTBE factor: The “factor” expresses the ratio between daily MTBE assessments basis FOB Singapore and 92 RON gasoline assessments FOB Singapore. The factor calculation uses the mean of the low and high of Platts’ MTBE and 92 RON cargo assessments respectively. By example, if 92 RON gasoline were assessed at $119.99-120.01/barrel (equivalent to a mean of $1014/mt using a standard barrels-to-metric ton conversion rate of 8.45) and MTBE were assessed at $1069-1071/mt, then a factor of 1.055 would be published (to represent $1070/mt divided by $1014/mt). The factor will be published daily to three decimal places. 92 RON gasoline and MTBE are assessed daily at 4:30 pm Singapore time (0830 GMT). 92 RON gasoline assessments reflect the value of cargoes loading 15-30 days ahead of publication.

Standard operational procedure: Seller or buyer are to declare the 5-day date range at the time of submitting a bid or offer for publication. 10 days prior to loading, the seller must declare the terminal. 7 days prior to loading, the buyer must nominate the vessel and the buyer must narrow the loading window to 3 days, subject to loading terminal acceptance.


BIOETHANOL (FUEL-GRADE)

Assessment window: Daily assessments CIF Philippines and FOB Singapore based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT). Price assessments are subject to the typical guidelines of the Platts Market-On-Close assessment process. Weekly averages of daily assessments CIF Philippines and FOB Singapore are published on Fridays.

Timing: Cargoes on CIF Philippines basis delivered 45-60 days forward from date of publication. Cargoes on FOB Singapore basis loading 15-30 days forward from the date of publication.

The daily CIF Philippines marker averages the first three laycans from 45 days onwards from date of publication. Each half-month assessment cycle covers 15 or 16 days. All half month cycles are rolled forward on the 1st and 16th day of each calendar month.

The daily FOB Singapore marker reflects the assessed price which is the basis loading 15-30 days forward from date of publication.

Basis and locations: CIF Philippines: Subic Bay, Manila, Batangas. FOB Singapore: Singapore. Cargo size: 1,000-3,000 cubic meters.

Terms and conditions: CIF Philippines and FOB Singapore is assessed L/C at sight up to 30 days. For deals with usance of greater than 30 days, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%.

Quality and Product Purity specifications: Assessments are for undenatured anhydrous bioethanol and will conform to the Philippines National Standard (PNS/DOE QS 007:2005) specifications under the current definitions 3.1 and 3.2 of the standard for use as a blending component in unleaded gasoline.

These specifications include:

Ethanol content/purity: 99.3% min

Density at 20 degrees Celsius: 0.7915 kg/liter max

Water content: 0.5% max

Methanol: 0.5% max

Total acids (as acetic acid): 0.007% max

The CIF Philippines and FOB Singapore assessment reflects product at a temperature of 20 degree Celsius. Please refer to Appendix II for further details.



11MAY 2013

BIODIESEL

Assessment window: Daily assessments FOB Southeast Asia based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT). Price assessments are subject to the typical guidelines of the Platts Market-On-Close assessment process. Biodiesel assessments are on a US dollars per metric ton basis.

Timing: The assessment reflects cargoes loading 15-30 days from date of publication.

Basis and location: Assessments include all biodiesel traded on a spot basis within Southeast Asia at typical loading ports in Singapore, Malaysia and Indonesia, and all values are normalized back to the three key biodiesel ports closest to the tip of the Malacca Straits: Singapore, Pasir Gudang and Dumai. Sellers are encouraged to offer cargoes with port defined, but where a seller offers a cargo on an FOB Straits or FOB Southeast Asia basis, port declaration would be expected to occur no later than 10 days prior to loading.

Cargo size: 2,000 mt -10,000 mt

Quality specifications: See Appendix III

ASIAN POLYMERS

POLYETHYLENES (PE)

Assessment window: Daily assessments of HDPE film grade, LDPE and LLDPE CFR Far East Asia based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT). Weekly averages of daily assessments film grade HDPE, LDPE and LLDPE CFR Far East Asia are published on Wednesdays. Weekly assessments for all grades HDPE CFR Far East Asia; CFR South East Asia, CFR South Asia and domestic China ex-works (in Yuan/mt) based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT) on Wednesdays. Daily Middle East netbacks for LDPE, LLDPE and HDPE are calculated as Platts CFR Far East Asia assessments minus prevailing container freight rate from Al Jubail to Shanghai. This freight rate is updated weekly.

Timing: Cargoes delivered 15-30 days forward from date of publication.

Basis and locations: China main ports Shanghai, Ningbo, Xiamen, Shenzhen, Huangpu, Guangzhou, Xingang and Qingdao, Shantou, Tianjin); CFR South East Asia: Indonesia (Jakarta, Surabaya), Singapore, Philippines (Manila Bay), Malaysia (Port Klang),Thailand (Map Tap Phut, Laem Chabang), Vietnam (Ho Chi Minh); CFR South Asia: India (Kolkata, Chennai, Mumbai, Nhava Sheva), Pakistan (Karachi); East China domestic ex-works Shanghai, Zhejiang and Jiangsu; FOB Middle East: Al Jubail (freight netback from Shanghai).

Cargo size: 100-500mt.

Terms and conditions: CFR Far East Asia,CFR South East Asia, CFR South Asia are assessed up to 30 days. China Domestic is assessed at sight basis with cash

payment. For deals with usance of greater than 30 days, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%.

Quality specifications:

Low Density Polyethylene: Melt flow index of 0.3-4.0.

Linear Low Density Polyethylene: CFR FEA, CFR SEA: butene grade with melt flow index of 1.0-2.0. CFR South Asia: butene grade with melt flow index of 1.0-2.0.

High Density Polyethylene: Injection, blow-molding, film and yarn grades.

■■ Injection grade: Melt flow index of 2.0-25.0, with the majority of business focused on crate grade material with melt flow index of 5.0-11.0.

■■ Blow molding: Medium molecular weight with melt flow index of 0.2-0.35.

■■ Film grade: High and medium molecular weight material with melt flow index of 0.07-0.18.

■■ Yarn grade: Melt flow index of 0.7-1.1.

POLYPROPYLENE (PP)

Assessment window: Daily assessments CFR Far East Asia raffia/injection grade information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT). Weekly assessments CFR Far East Asia IPP grade, BOPP and block copolymer are published on Wednesdays. Weekly assessments CFR South East Asia, CFR South Asia and domestic China ex-works (in Yuan/mt) based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT) on Wednesdays. China domestic raffia in Yuan/mt is ex-works basis inclusive of the 17% value added tax and 6.5% import tax. Daily Middle East netbacks are calculated as Platts CFR Far East Asia assessments minus prevailing container freight rate from Al Jubail to Shanghai. This freight rate is updated weekly.


Basis and locations: CFR Far East Asia: China main ports (Shanghai, Shenzhen, Ningbo, Shantou, Hong Kong); CFR South East Asia: Indonesia (Jakarta, Surabaya), Singapore, Philippines (Manila Bay), Malaysia (Port Kelang), Thailand (Bangkok, Laem Chabang, Map Ta Phut), Vietnam (Ho Chi Minh); CFR South Asia: India (Kolkata, Chennai, Mumbai, Nhava Sheva), Pakistan (Karachi); China domestic: ex-works Huangpu, Jiulong, Ningbo, Qingdao, Shanghai, Tianjin, Xiamen, Xingang; FOB Middle East: Al Jubail (freight netback from Shanghai).


Terms and conditions: CFR Far East Asia, CFR South East Asia, CFR South Asia are assessed up to 30 days. China Domestic is assessed at sight basis with cash payment. For deals with usance of greater than 30 days, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%.


12MAY 2013

Quality specifications: Raffia (also known as flat yarn) with melt flow index of 2.0-4.5; homopolymer injection with melt flow index of 11-20; and inflatable film (IPP); biaxially oriented film (BOPP); and block copolymer with melt flow index of 6-20.

POLYVINYL CHLORIDE (PVC)

Assessment window: Weekly assessments CFR China, CFR SEA and CFR India based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT) on Wednesdays. Weekly China domestic assessments for ethylene and carbide based ex-works PVC based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT) on Wednesdays. Weekly PVC Middle East netbacks are calculated as Platts CFR China assessments minus prevailing container freight rate from Al Jubail to Shanghai. This freight rate is updated weekly.


Basis and locations: CFR China: China mainports (Shanghai, Dalian, Nanjing, Shantou, Guangzhou, Shenzen, Nantong, Ningbo, Jiangying, Zhuhai, Zhenjiang, Zhanjiagang; Hong Kong); CFR South East Asia: Indonesia, Singapore, Philippines, Malaysia, Thailand, Vietnam; CFR India: Nhava Sheva, Kolkata, Chennai, Mumbai. Domestic China: delivered east China (Shanghai, Zhejiang, Jiangsu, Shangdong), north China (Hebei, Tianjin), south China (Guangdong, Fujian)


Terms and conditions: CFR China and CFR South East Asia are assessed up to 30 days. For deals with usance of greater than 30 days, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%. Domestic China is assessed at sight basis with cash payment.

Quality specifications: Suspension grade with K value of 66-68 (SG 5).

POLYSTYRENE (PS)

Assessment window: Weekly assessments CFR China and CFR South East Asia based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT) on Wednesdays.


Basis and locations: CFR China: China mainports (Shanghai, Dalian, Nanjing, Shantou, Guangzhou, Shenzen, Nantong, Ningbo, Jiangying, Zhuhai, Zhenjiang, Zhanjiagang, Hong Kong); CFR South East Asia: Indonesia (Jakarta, Belawandeli), Singapore, Philippines (Manila Bay), Malaysia (Port Klang), Thailand (Bangkok), Vietnam (Ho Chi Minh).


Terms and conditions: CFR Chin and CFR South East Asia are assessed up to 30 days. For deals with usance of greater than 30 days, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%.

Quality specifications: General-purpose (GPPS) grade with melt flow index of 8.0-12.0; high impact (HIPS) grade with melt flow index of 3.0-8.0. EPS (expandable polystyrene ) general grade and fire retardant grade with a bead size of 0.5-1.3 mm and a density of 10-20 grams per liter (g/l).

ACRYLONITRILE BUTADIENE STYRENE (ABS)

Assessment window: Weekly assessments CFR China and CFR SEA based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT) on Wednesdays.


Basis and locations: CFR China: China mainports (Shanghai, Dalian, Nanjing, Shantou, Guangzhou, Shenzen, Nantong, Ningbo, Jiangying, Zhuhai, Zhenjiang, Zhanjiagang, Hong Kong); CFR South East Asia: Indonesia (Jakarta, Belawandeli), Singapore, Philippines (Manila Bay), Malaysia (Port Klang), Thailand (Bangkok), Vietnam (Ho Chi Minh).


Terms and conditions: CFR China and CFR South East Asia are assessed up to 30 days. For deals with usance of greater than 30 days, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%.

Quality specifications: Injection grade with melt flow index of 10-40.

POLYETHYLENE TEREPHTHALATE (PET)

Assessment Window: Assessments are based on the latest information culled from the market up to the close of the assessment window at 4.30pm Singapore time (0830 GMT) on Wednesday.

Timing: Loading 15-30 days from date of publication.

Basis and Locations: FOB North East Asia: South Korea, China, Taiwan; FOB South East Asia: Thailand, Indonesia.

Standard cargo size: 300-500mt.

Terms: FOB North East Asia and FOB South East Asia are assessed up to 30 days. For deals with usance of greater than 30 days, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%.

Product Specifications: Bottle-grade PET, Minimum intrinsic viscosity of 0.76.


13MAY 2013

STYRENE BUTADIENE RUBBER (SBR)

Assessment window: Weekly assessments CFR North East and CFR South East Asia based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT) on Fridays.


Basis and locations: CFR North East Asia: China mainports (Shanghai, Nanjing, Nantong, Qingdao, Tianjin, Guangzhou); South Korea (Busan, Kwangyang, Incheon, Ulsan, Yeosu); CFR South East Asia: Singapore, Thailand (Bangkok).

Cargo size: Base package of synthetic rubber is 16-20mt depending on manufacturer.

Terms and conditions: CFR North East Asia and CFR South East Asia are assessed up to 30 days. For deals with usance of greater than 30 days, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%.

Quality specifications: Non-oil extended emulsion SBR (ESBR1502). Mooney viscocity ML 1-4(100 degrees Celsius (ASTM D 1646) 52 MU, Bound Styrene (ASTM D 5775) 23.5% wt, Organic Acid (ASTM D 5774) 6% wt, Soap (ASTM D 5774) 0.5% wt maximum, Volatile Matter(ASTM D 5668) 0.75% wt maximum, Ash (ASTM D 5667) 0.5% wt maximum.

MIDDLE EAST POLYMER NETBACKS

Platts publishes Middle East polymer netbacks on a weekly basis for the following resins: LDPE, LLDPE, film-grade HDPE, homopolymer injection grade PP, and PVC. The netbacks are calculated using Platts CFR Far East Asia assessments minus the prevailing container freight rate from Al-Jubail to Shanghai for a standard 20-foot container. The freight rate is updated weekly. For product specifications and assessment standards, please refer to the Asia polymers section of the Asian Methodology Guide.

ASIAN INTERMEDIATES

NORMAL BUTYL ALCOHOL (NBA)

Assessment window: Weekly assessments CFR China and CFR South East Asia based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT) on Thursdays.


Basis and locations: CFR China: China (Zhangjiagang, Lanshan, Ningbo, Zhenjiang, Zhuhai); CFR South East Asia: Indonesia (Merak), Singapore (Jurong Island), Thailand (Map Ta Phut).


Terms and conditions: CFR China and CFR South East Asia are assessed at 90 days. For deals with usance of greater or less than 90 days, the value of the credit will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%.

Quality specifications: Minimum purity of 99.5%, maximum water content of 0.05%.

2-ETHYL HEXANOL (2-EH)



Basis and locations: CFR China: China (Zhangjiagang, Lanshan, Ningbo, Zhenjiang, Zhuhai); CFR South East Asia: Singapore (Jurong Island), Thailand (Map Ta Phut), Vietnam.

Cargo size: 1,000mt..


Quality specifications: Minimum purity of 98%.

DIOCTYL PHTHALATE (DOP)



Basis and locations: CFR China: China (Zhangjiagang, Changzhou, Shantou, Ningbo, Wenzhou, Tianjin); CFR South East Asia: Indonesia (Jakarta), Malaysia (Pasir Gudang, Port Klang), Philippines (Manila), Thailand (Bangkok, Laem Chabang), Vietnam (Ho Chi Minh).

Cargo size: 500-1,000mt for CFR FEA; 100-500mt for CFR SEA.

Terms and conditions: Credit usance of 90 days. For deals with usance of greater or less than 90 days, the value of the credit will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%.

Quality specifications: Minimum purity of 99.5%; maximum water content of 0.05%; maximum free water content of 0.05%; maximum color of 25 Hazen.


14MAY 2013

PHTHALIC ANHYDRIDE (PA)



Basis and Locations: CFR China: China (Shanghai, Huangpu, Ningbo); CFR South East Asia: Indonesia (Jakarta, Surabaya) Singapore (Jurong Island), Vietnam (Ho Chi Minh); Thailand (Bangkok), Malaysia (Pasir Gudang, Port Klang, Penang), Philipines (Manila).

Cargo size: 500-1,000mt for CFR FEA; 100-200mt for CFR SEA.


Quality specifications: Flake grade with minimum purity of 99.5%.

CAPROLACTAM (CPL)

Assessment window: Weekly assessments CFR Far East Asia and CFR South East Asia based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT) on Thursdays.


Basis and locations: CFR Far East Asia: China (Shanghai, Ningbo, Zhangjiagang, Xiamen, Guangzhou, Jiangmen, Qingdao, Tianjin, Dalian); Taiwan (Kaohsiung); CFR South East Asia: Malaysia (Port Klang), Indonesia (Tanjong Priok), Thailand (Bangkok).

Cargo size: 1,000-2,000mt for CFR FEA; 500-1,000mt for CFR SEA.

Terms and conditions: CFR Far East Asian and CFR South East Asia are assessed up to 30 days. For deals with usance of greater than 30 days, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%.

Quality specifications: Flake grade with maximum water content of 100ppm.

ACRYLONITRILE (ACN)

Assessment window: Weekly assessments CFR Far East Asia, CFR South East Asia, and CFR South Asia based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT) on Tuesdays.

Timing: Cargoes delivered up to 30 days forward from date of publication.

Basis and locations: CFR Far East Asia: China (Ningbo, Lianyungang, Shanghai, Lanshan, Qinhuangdao) Taiwan (Kaohsiung); CFR South East Asia: Indonesia (Jakarta), Thailand (Map Ta Put, Bangkok); CFR South Asia: India (Kandla, Mundra, Mumbai, Cochin).

Cargo size: 1,000-2,000mt for CFR FEA and SEA, 2,000-3,000mt for CFR South Asia.

Terms and conditions: CFR Far East Asia, CFR South East Asia, and CFR South Asia are assessed up to 30 days. For deals with usance of greater than 30 days, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%.

Quality specifications: Minimum purity of 99.9%.

PURIFIED TEREPHTHALIC ACID (PTA)

Assessment window: Daily assessments CFR China and ex-warehouse Chinese domestic assessments based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT). China domestic assessments include 17% value added tax. Weekly assessments CFR Southeast Asia and CFR South Asia based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT) on Fridays. Timing: Cargoes delivered 15-30 days forward from date of publication. China Domestic cargoes are assessed 10 days forward from date of publication.

Basis and locations: CFR China: China (Ningbo, Zhangjiagang, Shanghai); CFR South East Asia: Indonesia (Merak, Jakarta), Malaysia (Port Klang), Thailand (Laem Chabang), Vietnam (Ho Chi Minh); CFR South Asia India (Mumbai).

Cargo size: 1,000-3,000mt for CFR China; 500-2,000mt for CFR SEA, 1,000-3,000mt for CFR South Asia, 100-500mt for domestic Chinese ex-warehouse

Terms and conditions: CFR China and CFR South East Asia are assessed at 90 days. For deals with usance of greater or less than 90 days, the value of the credit will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%. CFR India is assessed at 30 days. For deals with usance of greater or less than 30 days, the value of the credit will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%. China Domestic is assessed at sight basis with cash payment.


ETHYLENE DICHLORIDE (EDC)




15MAY 2013

Basis and locations: CFR Far East Asia: Korea (Daesan, Ulsan, Yeosu); Taiwan (Kaohsiung, Mailiao); Japan (Mizushima, Chiba, Tokuyama, Kashima, Ube, Oita, Yokkaichi, Kawasaki); China (Shanghai, Dalian, Nanjing, Shantou, Guangzhou, Shenzen, Nantong, Ningbo, Tianjin); CFR South East Asia: Indonesia (Merak), the Philippines (Manila Bay anchorage, barge cost not included), Malaysia (Kertih), Thailand (Map Ta Phut).


Terms and conditions: CFR Far East Asia and CFR South East Asia are assessed up to 30 days. For deals with usance of greater than 30 days, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%.


VINYL CHLORIDE MONOMER (VCM)



Basis and locations: CFR Far East Asia: Korea (Daesan, Ulsan, Yeosu); Taiwan (Kaohsiung, Mailiao); Japan (Mizushima, Chiba, Tokuyama, Kashima, Ube, Oita, Yokkaichi, Kawasaki); China (Shanghai, Dalian, Nanjing, Shantou, Guangzhou, Shenzen, Nantong, Ningbo, Tianjin); CFR South East Asia: Indonesia (Merak), the Philippines (Manila Bay anchorage, barge cost not included), Malaysia (Kertih), Thailand (Map Ta Phut).


Terms and conditions: CFR Far East Asia and CFR South East Asia are assessed up to 30 days. For deals with usance of greater than 30 days, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%.


ACETIC ACID (AA)

Assessment window: Weekly assessments CFR Far East Asia, CFR South East Asia, CFR South Asia, FOB China and domestic China ex-tank based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT) on Thursdays.

Timing: CFR Far East Asia, CFR South East Asia and CFR South Asia evaluate cargoes delivered up to 30 days forward from date of publication. FOB China will evaluate cargoes loaded up to 30 days forward from date of publication. China domestic: parcels loaded up to 10 days from date of publication.

Basis and locations: CFR Far East Asia: Taiwan (Kaohsiung, Mailiao, Taichung), South Korea: Ulsan; CFR South East Asia: Indonesia (Jakarta), Thailand (Bangkok); CFR South Asia: India (Kandla, Mumbai, Mangalore, Cochin) and FOB China: Jiangyin, Zhangjiagang. China domestic: ex-tank Jiangyin, Zhangjiagang.

Cargo size: CFR Far East Asia, CFR South East Asia, CFR South Asia, and FOB China: 1,000-2,000mt. Domestic China: 200-500mt.

Terms and conditions: CFR Far East Asia, CFR South East Asia, South Asia, and FOB China are assessed up to 30 days. For deals with usance of greater than 30 days, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%. China domestic is assessed at sight basis with cash payment.


VINYL ACETATE MONOMER (VAM)


On May 5, 2011, Platts launched the weekly VAM assessments reflecting east China domestic market in Yuan/mt, and CFR South Asia in $/mt.

Timing: Cargoes delivered up to 30 days forward from date of publication for CFR assessments, and up to 10 days for domestic China.

Basis and locations: CFR China: China (Ningbo, Jiangying, Nantong, Shanghai, Zhanjiagang); CFR South East Asia: Indonesia (Jakarta), Thailand (Bangkok); CFR South Asia: India (Kandla, Mumbai); Domestic China: ex-tank Jiangyin, Zhangjiagang.

Cargo size: 1,000-2,000mt for CFR China; 500-1,000mt for CFR SEA; 200-500 mt for domestic China.

Terms and conditions: CFR China and CFR South East Asia are assessed up to 30 days. For domestic east China, the loading period used for the assessments will be up to 10 days from the date of publication. The domestic price will be assessed on an ‘at sight’ basis with cash payment. For deals with usance of greater than 30 days, such as CFR South Asia which typically trades with credit usance of 90 days, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) + 1.5%.


ASIAN SOLVENTS

PHENOL

Assessment window: Weekly assessments CFR China and CFR South East Asia based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT) on Tuesday.


Basis and locations: CFR China: Ningbo, Shanghai, Zhangjiagang, Huangpu, Dalian; CFR South East Asia: Singapore, Thailand (Map Ta Phut), Indonesia (Merak, Gresik), Malaysia (Pasir Gudang, Bintulu).


16MAY 2013

Cargo size: 1,000-3,000mt for CFR China; 500-1,000mt for CFR SEA


Quality specifications: ASTM2439-96.

ACETONE

Assessment window: Weekly assessments CFR China and CFR South East Asia based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT) on Tuesday.


Basis and locations: CFR China: Ningbo, Shanghai, Zhangjiagang, Huangpu, Dalian; CFR South East Asia: Singapore, Thailand (Map Ta Phut); Indonesia (Merak, Gresik), Malaysia (Pasir Gudang, Bintulu).

Cargo size: 1,000-3,000mt for CFR China; 500-1,000mt for CFR SEA


Quality specifications: ASTM D329.

ASIAN CHLOR-ALKALI

CAUSTIC SODA

Assessment window: Weekly assessments FOB Northeast Asia and CFR South East Asia are based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT) on Tuesdays.

Timing: FOB Northeast Asia cargoes loaded up to 20-40 days forward from date of publication. CFR Southeast Asia cargoes delivered up to 20-40 days forward from date of publication.

Basis and locations: FOB Northeast Asia: South Korea (Daesan, Ulsan, Yeosu), Taiwan (Kaohsiung, Mailiao), Japan (Mizushima, Chiba, Tokuyama, Kashima, Ube, Oita, Yokkaichi, Kawasaki), and China (Shanghai, Dalian, Nanjing, Shantou, Guangzhou, Shenzhen, Nantong, Tianjin, Ningbo). CFR South East Asia: Indonesia (Merak), Philippines (Manila),Thailand (Map Ta Phut) and Malaysia (Kertih).

Cargo size: 2,000-6,000 mt.

Terms and conditions: FOB Northeast Asia and CFR South East Asia are assessed up to 30 days. For deals with usance of greater than 30 days, the value of extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the 3 month London Interbank Offered Rate (LIBOR) +1.5%.

Quality specifications: Assessments are for caustic soda solution 50% commercial grade (membrane or diaphragm).

PLATTS NATURAL RUBBER INDEX (RBX)

TSR 20 AND RSS 3

Platts plans to launch on October 3, 2011, daily spot price assessments for natural rubber of grades TSR 20 (Technically Specified Rubber grade 20) and RSS 3 (Ribbed Smoked Sheets grade 3) Singapore FOB basis.

Price Assessment: Platts publishes the transactable value for TSR 20 and RSS 3 grades of natural rubber, indicating the price at which a cargo of Standard Indonesia Rubber (SIR) could be traded on FOB basis Singapore at the close of the assessment period on the day of publishing.

Assessed values are based on confirmed spot transactions, firm bids/offers of standard quality cargoes (see quality specifications below) normalized to the published specification; or in the absence of liquidity, where spot transactions would have been concluded for the benchmark grade.

Platts considers on normalized basis, bids / offers or trades of Standard Thai Rubber (STR) basis FOB Thailand, Standard Indonesia Rubber (SIR) basis FOB Indonesia, Standard Malaysian Rubber (SMR) basis FOB Malaysia, and Standard Vietnamese Rubber (SVR) basis FOB Vietnam. All prices are normalized for quality and freight to FOB basis Singapore, for the SIR grade.

Platts assessments also take into account demand/supply fundamentals in Southeast Asia and key consumer markets. Assessments also take into consideration daily Asia-Pacific price movements in associated markets styrene and butadiene as published by Platts.

Spot price bids/offers or trades of natural rubber in key consumer markets (China, USA, India, Japan, South Korea, Europe, Brazil and Africa) on CFR basis may be netted back to FOB Singapore basis using assessed spot container freight rates on the day of assessment, for comparison with spot prices basis FOB Singapore. Platts monitors daily spot container freight costs between Singapore and Qingdao port in North China.

Availability: Platts RBX TSR 20 and RSS 3 FOB basis Singapore spot price assessments are published on the Platts real-time service Platts Petrochemical Alert (PCA), and in the weekly Platts Olefinscan.

Frequency: Price assessments are published daily and reflect market values at 4.30 pm Singapore time (0830 GMT). The assessment is published following editorial engagement with market participants such as producers, dealers, major tyre makers, shippers and other active spot market participants. A midday update is also published at 12.00 pm Singapore time (0400 GMT). Platts also publishes a weekly average and a monthly average of its daily assessments. All of these prices are databased.

Basis and Location: Cargoes loaded FOB basis Singapore. Freight rates for containers (with a typical weight of 20.16mt, packed with bales of natural rubber in 16 crates of 1,260 kg each) shipped from Southeast Asian ports to Singapore port are assessed, in order to compare bids/offers and deals done on FOB Southeast Asia basis with the benchmark FOB Singapore price.


17MAY 2013

Assessed Ports: Singapore; Thailand: Bangkok, Laem Chabang, Songkhla; Indonesia: Palembang, Belawan, Surabaya, Jambi, Padang, Pontianak, Jakarta; Malaysia: Malaysia, Port Klang, Penang, Pahang, Kuantan; Vietnam: Mong Cai, Saigon, Ho Chi Minh.

Units: All prices are published and databased in US dollars per kilogram. Prices are also converted and databased in US dollars per metric tonne.

Timing: Platts assesses cargoes loading FOB basis Singapore in one and two calendar months forward from the date of publication. For instance, on November 1, Platts assesses cargoes for loading anytime in December, and for loading anytime in January. Monthly assessments will roll on the first working day of the calendar month. For instance, on December 1, Platts will assess cargoes for loading in January and February. Platts’ benchmark assessment for natural rubber reflects the mid-point of the first month ahead. Cargoes traded with laycans more prompt than one month ahead (such as trades basis CFR China for typical delivery 2-4 weeks ahead) may not be considered for assessment purposes. Cargoes traded with laycans further forward than two months forward may not be considered for assessment purposes.

Quality: Price assessments reflect the value of standard quality TSR 20 and RSS 3 matching international specifications. Prices for SMR, STR and SVR will be normalized to a base grade of SIR. Please see Appendix IV for full quality specifications and grade descriptions.

Quality Normalization: Rubber cargo prices for traded TSR 10 grade may be normalized to standard TSR 20. Prices for traded RSS 1 and RSS 2 may be normalized to standard RSS 3. Inter-grade quality differentials will be routinely analyzed for pricing consistency. Physical swaps of TSR 20 versus RSS 3 will not be used for Platts’ fixed price assessment of TSR 20 or RSS 3, but may be used as indicative of spread relationships.

Non-Standard Quality: Platts may apply selective price premia / discounts for non-standard quality, on a case by case basis.

Volume: Platts assesses parcels within a range of 100-300 metric tons. Lot sizes of larger than 300 mt up to 35,000 mt may be normalized for assessment purposes, based on prevailing market premia / discounts for bulk orders.

Payment Terms: CAD (Cash Against Document) as standard. Cargoes traded with Letter of Credit at Sight or DP (Document Present) or DOP (Document on Payment) may be normalized to CAD for assessment purposes.

Contacts: For comments or queries please contact [email protected] and [email protected].

APPENDIX I

TYPICAL AROMATICS OPERATIONS

These practices represent a guideline, but are not Platts specifications. Platts assesses typical practice in each market.

Terms and conditions FOB Korea:

1) Buyer to declare the half month loading by 10th of the preceding month (for benzene and toluene).

Buyer to declare the half month loading by 15 days prior to the first day of the month (for styrene, isomer-MX and PX).

2) Seller to declare load port 15 days prior to the first day of the declared half-month cycle (for benzene, toluene, styrene, isomer-MX and paraxylene).

3) Buyer to declare 5-day loading laycan 10 days prior to the first day of the half-month cycle (for benzene, toluene, styrene, isomer-MX and paraxylene).

4) Buyer to nominate vessel 10 days prior to the first day of the 5-day loading laycan (for benzene, toluene, styrene, isomer-MX and paraxylene).

5) Buyer to open irrevocable L/C at sight 7 days prior to the first day of the laycan (for benzene, toluene, styrene, isomer-MX and paraxylene).

Terms and conditions CFR China/Taiwan:

1) Seller to declare the half month of delivery by 15 days prior to the first day of the month (for benzene, toluene, styrene, isomer-MX, PX).

2) Buyer to declare discharge port 15 days prior to the half-month delivery period or 15 days prior to the first day of the laycan.

3) Seller to nominate vessel 10 days prior to 1st day of the half-month of delivery or 10 days prior to the first day of the laycan.


18MAY 2013

APPENDIX II

The Philippine National Standard Specification has defined undenatured anhydrous bioethanol as below:

3.1 Bioethanol – refers to the ethanol, produced from a variety of feedstock such as grains, agricultural wastes an dother biomass resources.

3.2 Anhydrous bioethanol – refers to bioethanol wherein almost all water content has been removed.

PNS/DOE QS 007:2005 specifications for anhydrous undenatured bioethanol fuel specification

Property Limits Test method

Appearance Clear and bright, Visual visibly free of suspended or precipitated contaminantsAcidity/Alkalinity, pHe 6.5-9.0 PNS ASTM D6423Copper, as Cu, mg/kg, max 0.1 PNS ASTM D1688Density at 20 degrees 0.7915 PNS ASTM D4052 Celsius, kg/liter, maxEthanol content, % min 99.3 PNS ASTM D5501Denaturant* — PNS ASTM D5501Inorganic chloride content, 40 PNS ASTM D512-81 (1985) mass ppm, maxMethanol, % max 0.5 PNS ASTM D5501Total acids 0.007 PNS ASTM D1613 (as acetic acid) % maxWater content, % max 0.5 PNS ASTM E203

*Note: The PNS states that “other than methanol, contaminants may be present, such as but not limited to wood naphtha, acetone, pyridine, coloring matter and denatonium benzoate (bitrex).”

PNS standards note that fuel bioethanol (denatured with unleaded gasoline) contains 1.96-2.44% denaturants with the guideline of 2% at the point of denaturing.

APPENDIX III

FOB Southeast Asia biodiesel specifications

Property Standard

Ester content % (m/m) Min 96.5Cold Filter Plugging Point (deg Celcius) Max 12Pour Point (deg Celcius) ReportedMoisture mg/kg Max 500Acid Value kg KOH/kg Max 0.5Iodine Value g J2/100g Max 120Oxidation Stability @ 110 deg Celcius h Min 6Methanol Content % (m/m) Max 0.2Ash Content gew-% Max 0.02Kinematic Viscosity @ 40 deg Celcius mm2/S 3.5-5.0Pollution mg/kg Max 24Total Glycerine % (m/m) Max 0.24Free Glycerine % (m/m) Max 0.02Diglyceride Content % (m/m) Max 0.2Trigyceride Content % (m/m) Max 0.2Monoglyceride Content % (m/m) Max 0.8Linolenic Acid Methyl Ester % (m/m) Max 10Density @ 15 deg Celcius kg/m3 860-900Flash Point deg Celcius Min 130Sulfur Content mg/kg Max 10Cetane Number Min 51Copper Strip Corrosion (3h@50 deg) rating 1Phosphor Content mg/kg Max 10Carbon Reside (10%Dist)% (m/m) Max 0.3Natrium & Kalium mg/kg 5Calcium & Magnesium mg/kg 5


19MAY 2013

APPENDIX IV

QUALITY SPECIFICATIONS FOR PLATTS RBX TSR 20, RSS 3

Technically Specified Rubber grade 20 (TSR 20)

Property Standard Test

Dirt(% wt) 0.20 max SNI 06-1903-2000Ash (% wt) 1.00 max SNI 06-1903-2000Nitrogen (%wt) 0.60 max SNI 06-1903-2000Volatile matter (%wt) 0.80 max SNI 06-1903-2000Initial Plasticity 30 min SNI 06-1903-2000Plasticity Retention Index 40 min SNI 06-1903-2000(PRI Index) Mooney Viscosity — ISO 2891-1994 (ML,1+4, 100 degree Celsius)

Ribbed Smoked Sheets (RSS)

Ribbed smoked sheets are graded on a visual basis as RSS 3. After grading the sheets are packed in 111.11 kg bales, with the grade marked on the bales.

Ribbed Smoked Sheets grade 3 (RSS 3)

The RSS 3 grade should be in line with International Standards of Quality and Packing for Natural Rubber Grades (The Green Book)

International Natural Rubber Type and Grade Description (RSS)

General Spec Nothing but coagulated Slight resinous matter Oxidized spots or The rubber must be rubber sheets, properly (rust) and slight streaks, weak, heated dry, firm, free of blisters. dried and smoked, can amounts of dry mould and burnt are Dirty packing, sand, be used in making these on wrappers, bale not permissible. and all other foreign grades; block, cuttings or surfaces and interior matter is not permissible. other scrap or frothy sheets, sheets, found at time weak, heated or burnt of delivery will not sheets, air-dried or smooth be objected to. sheets not permissible.RSS 3 Slight blemishes Should "Rust" or Under-cured, Strong and in color, small bubbles "Dry Mould" in an over-smoked, free of blemishes. and small specks of bark appreciable extent opaque sheets is permissible appears less than 10% are not permissible.


20MAY 2013

APPENDIX V

ASIAN SUBSCRIBER NOTES ISSUED IN 2013

PC1500Subscriber note: Platts proposes to update delivery ports in CFR China SM assessmentSingapore (Platts)--5Feb2013/239 am EST/739 GMTPlatts invites feedback on its proposal to update the ports included in the CFR China styrene monomer assessment. Under the current Platts methodology, the assessment includes deliveries to seven ports in China, namely Jiangyin, Nanjing, Nantong, Ningbo, Shanghai, Zhangjiagang and Zhenjiang. Based on initial market feedback, three of the seven ports currently included in the CFR China assessment are not frequently chosen as delivery locations. Industry sources said that spot cargoes of styrene monomer are mostly traded and delivered to Zhangjiagang and Jiangyin ports, and sporadically sold on a CFR Ningbo or CFR Nantong basis. Hence Platts proposes to exclude the Nanjing, Shanghai and Zhenjiang ports from the CFR China assessment from May 6, 2013. Please send any comments and queries to [email protected] with a copy to [email protected] by March 31, 2013.

PC1500Subscriber note: Platts proposes to discontinue CFR Japan SM assessmentSingapore (Platts)--5Feb2013/235 am EST/735 GMTPlatts invites industry feedback on its proposal to discontinue the spot weekly assessment for styrene monomer basis CFR Japan (PHABZ00). This assessment is currently published on the Platts Petrochemicals Alert (PCA) service line, Asian Petrochemicalscan and Platts database. Please send any comments and queries to [email protected] with a copy to [email protected] by June 30, 2013.

PC1500Subscriber note: Platts to modify credit terms for Asian isomer-MXSingapore (Platts)--5Feb2013/233 am EST/733 GMTPlatts proposes to modify the credit terms for the Asian isomer-grade mixed xylene CFR Taiwan (PHAUT00) assessment to 30 days letters of credit for Asia origin cargoes and 60 days LC for deep-sea origin cargoes from May 6, 2013. Under the current Platts methodology, CFR Taiwan assessment is based on 30 days LC for Asia and deep-sea origins. Please send any queries or comments to [email protected] with a copy to [email protected] by March 31, 2013.

PC1500Subscriber note: Platts proposes to discontinue FOB Japan butadiene assessmentSingapore (Platts)--5Feb2013/223 am EST/723 GMTPlatts invites industry feedback to discontinue the weekly Asian butadiene spot price assessment basis FOB Japan (PHAKD00). This assessment is currently published on the Platts Petrochemicals Alert (PCA) service line, Asian Petrochemicalscan, Platts Olefinscan and Platts database. Please send any comments and queries to [email protected] with a copy to [email protected] by August 5, 2013.

PC1500Subscriber note: Platts proposes assessing CFR Korea isomer-MX priceSingapore (Platts)--5Feb2013/224 am EST/724 GMT

Platts invites industry feedback on its proposal to launch a daily CFR Korea isomer-grade mixed xylenes assessment. The assessment will reflect isomer-MX that meets the specifications under ASTM D5211 (maximum ethyl-benzene content 20.0%, maximum non-aromatics content 0.3%, bromine index 20 ppm maximum) or ASTM D843 (maximum ethyl-benzene content 18.0%, maximum non-aromatics content 1%, bromine index 20 ppm maximum). The daily price will reflect cargo sizes of 3,000 to 5,000 mt, with credit terms of 30 days letters of credit for Asian origin and 60 days LC for deepsea origin for deliveries to Daesan, Ulsan, Yeosu and Inchon. The assessment will be launched on May 6, 2013, based on information sourced from the market up to the end of the Platts Market on Close assessment process at 4:30 pm Singapore time (0830 GMT). Please send any queries or comments to [email protected] with a copy to [email protected] by March 31, 2013.

PC1500Subscriber note: Platts proposes modifying credit terms for Asian orthoxyleneSingapore (Platts)--5Feb2013/219 am EST/719 GMTPlatts proposes changing its credit terms to 90 days for the CFR China orthoxylene assessment (AAOTS00) from May 3, 2013. Under the current Platts methodology, the CFR China assessment is based on a credit term of 30 days letter of credit. Please send any queries or comments to [email protected] with a copy to [email protected] by March 31, 2013.

PC1500Subscriber note: Platts to launch domestic China caustic soda assessmentsSingapore (Platts)--5Feb2013/212 am EST/712 GMTPlatts proposes to launch a weekly China domestic caustic soda assessment in yuan/mt to complement the existing weekly FOB Northeast Asia and CFR Southeast Asia assessments in dollars/mt. The assessment will be launched on May 7, 2013, based on information sourced from the market up to the end of the Platts Market on Close assessment process at 4:30 pm Singapore time (0830 GMT). The domestic China assessment will reflect 32% solution ex-work cargoes of 100-500 mt, traded with letters of credit at sight. Please send queries or comments to [email protected] and [email protected] by March 31, 2013.

PC1500Subscriber note: Itochu Singapore to join Platts Asia MTBE physical MOCSingapore (Platts)--4Feb2013/122 am EST/622 GMTItochu Singapore Pte. Ltd. has advised Platts it intends to take part in the Asian Platts Market on Close assessment process for the physical MTBE market. All expressions of interest to trade will be published as Itochu Singapore Pte Ltd. Platts welcomes all feedback. Platts considers bids, offers and transactions by all credible and credit-worthy parties in its assessment procedures. For comments and feedback, please contact Platts editors at [email protected] with a cc to [email protected]

PC1500Subscriber note: Communication during Platts MOC assessment process Houston (Platts)--1Feb2013/1202 pm EST/1702 GMTPlatts would like to remind participants in the Platts Market on Close assessment process that Platts expects MOC participants to be contactable at all times. Platts may decline to publish a bid, offer or indication of interest to trade if an MOC participant is not contactable through normal channels of communication. Platts may remove a participant’s bid or offer from the MOC assessment process if communication is unable to be established or maintained during the assessment


21MAY 2013

process. Please send any questions or comments to [email protected] and [email protected]

PC1500Subscriber note: Lunar New Year publishing schedule for Platts AsiaSingapore (Platts)--24Jan2013/1104 pm EST/404 GMTPlatts offices in Singapore and China will be closed February 11-12, 2013 for the Lunar New Year holiday, as previously announced, and there will be no publications or assessments from Singapore or China on those two days. Additionally, Platts in Asia will close its Market on Close assessment processes early on February 8, 2013, and all assessments will be basis 12:30 pm Singapore time (0430 GMT). Normal Singapore publishing schedules will resume on February 13. Platts offices in China offices will remain closed over February 13-15, and Platts will not publish any assessments from China on those days. For full details of Platts’ publishing schedule and services affected, refer to http://www.platts.com/HolidayHome. For queries, please contact [email protected].

PC0100Subscriber note: Itochu Petroleum Co (Singapore) Pte Ltd to Join Platts Asia MTBE physical MOCSingapore (Platts)--17Jan2013/221 am EST/721 GMTItochu Petroleum Co (Singapore) Pte Ltd has advised Platts it intends to take part in the Asian Platts Market on Close assessment process for MTBE physical. All expressions of interest to trade will be published as Itochu Petroleum Co (Singapore) Pte Ltd. Platts welcomes all feedback. Platts considers bids, offers and transactions by all credible and credit-worthy parties in its assessment procedures. For comments and feedback, please contact Platts editors at [email protected] with a cc to [email protected]

PC1500Subscriber note: PetroChina to join Platts Asia MTBE physical MOCSingapore (Platts)--14Jan2013/315 am EST/815 GMTPetroChina International (Singapore) Pte Ltd has advised Platts it intends to take part in the Asian Platts Market on Close assessment process for MTBE physical. All expressions of interest to trade will be published as PetroChina International (Singapore) Pte Ltd. Platts welcomes all feedback. Platts considers bids, offers and transactions by all credible and credit-worthy parties in its assessment procedures. For comments and feedback, please contact Platts editors at [email protected] with a cc to [email protected]

PC1500Subscriber note: Platts invites feedback on PX CFR China main portsSingapore (Platts)--11Jan2013/627 am EST/1127 GMTPlatts invites industry feedback and written comments on its proposal to include Jiangyin as one of China’s main ports for paraxylene, 5,000 mt, basis CFR Taiwan/China. Please send any queries or comments by April 8 to Fumiko Dobashi, [email protected] with a copy to [email protected] and [email protected].

PC1500Subscriber note: Lotte Chemical Corp intends to take part in Asian MOCSingapore (Platts)--10Jan2013/536 am EST/1036 GMTHonam Petrochemical Corp. and KP Chemical Corp. have informed Platts of their merger and will be trading under the entity name Lotte Chemical Corp. The new entity has advised Platts it intends to take part in the Platts Market on Close assessment process for Asian aromatics. All expressions of participation interest will be published as Lotte Chemical Corp. Platts welcomes all feedback. Platts considers bids, offers and transactions by all credible and creditworthy parties in its assessment procedures. For comments and feedback, please contact Platts editors at: [email protected] with a cc to [email protected].

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