Methodology and specifications guide European...

Introduction 2How this methodology statement is organized 2

Part I: Input data 2Reporting data to Platts 3What to report 3How to report 3MOC data publishing principles 3

Part II: Security and confidentiality 7

Part III: Determining assessments 8MOC price assessment principles 8Normalization price adjustment techniques 8Prioritizing data 9Assessment Calculations 9

Part IV: Platts editorial standards 12

Part V: Corrections 12

Part VI: Requests for clarifications of data and complaints 12

Part VII: Definitions of the trading locations for which Platts publishes daily indexes or assessments 13Olefins 15Aromatics and methanol 19Gasoline components 21Polymers 28Intermediates 33Solvents 35Chlor Alkali 36Liquid (easy) chemicals freight 37Gas chemicals freight 37Platts global petrochemical indices 38

Appendix 38TDI-grade toluene specifications 38MX specifications 38

Revision history 39

Methodology and specifications guideEuropean petrochemicalsLatest update: May 2018

www.platts.com

Methodology and specifications guide European petrochemicals: May 2018

2© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.

INTRODUCTION

Platts methodologies are designed to produce price assessments that are representative of market value, and of the particular markets to which they relate. Methodology documents describe the specifications for various products reflected by Platts assessments, the processes and standards Platts adheres to in collecting data, and the methods by which Platts arrives at final assessment values for publication.

Platts discloses publicly the days of publication for its price assessments, and the times during each trading day in which Platts considers transactions in determining its assessments levels. This schedule of publication is available on Platts website, at the following link: http://www.platts.com/HolidayHome.

The dates of publication and the assessment periods are subject to change in the event of outside circumstances that affect Platts ability to adhere to its normal publication schedule. Such circumstances include network outages, power failures, acts of terrorism and other situations that result in an interruption in Platts operations at one or more of its worldwide offices. In the event that any such circumstance occurs, Platts will endeavor, whenever feasible, to communicate publicly any changes to its publication schedule and assessment periods, with as much advance notice as possible.

Platts methodologies have evolved to reflect changing market conditions through time, and will continue to evolve as markets change. A revision history, a cumulative summary of changes to this and previous updates, is included at the end of the methodology. Methodology is reviewed regularly to ensure it reflects current market reality. Such reviews are carried out by Platts reporters and their managers, supplemented and supported by price methodology specialists who operate separately from the reporting teams. Platts follows a clearly defined process for public consultation on material changes to its methodologies. This process is based on full transparency and communication with industry stakeholders aimed at gaining

market acceptance for any proposed introduction or changes to methodology. For more information on the review and approval procedures, please visit: https://www.platts.com/methodology-specifications/moc/moc-change-process

All Platts methodologies reflect Platts commitment to maintaining best practices in price reporting.

How this methodology statement is organized

This description of methodology for assessments is divided into seven major parts (I-VII) that parallel the entire process of producing the end-of-day price values.

■■ Part I describes what goes into Platts assessments, including details on what data market participants are expected to submit, the process for submitting data and criteria for timeliness of market data submissions, as well as the editorial collection of input data from market sources.

■■ Part II describes any security and confidentiality practices that Platts uses in handling and treating data, including the separation between Platts price reporting and its news reporting.

■■ Part III is a detailed account of how Platts collects bids, offers, trades and other market data, and what Platts does with the data to formulate its assessments. It includes descriptions of the methods that Platts uses for reviewing data, and the methods used to convert raw data into assessments. This also includes the procedures used to identify anomalous data. This section describes how and when judgment is applied in this process, the basis upon which transaction data may be excluded from a price assessment, and the relative importance assigned to each criterion used in forming the price assessment. This section describes the minimum amount of transaction data required for a particular price assessment to be published. This is based on reported transactions and other market information. Finally, this section describes how Platts addresses assessment periods

where one or more reporting entities submit market data that constitute a significant proportion of the total data upon which the assessment is based.

■■ Part IV explains the process for verifying that published prices comply with Platts standards.

■■ Part V lays out the verification and correction process for revising published prices and the criteria Platts uses to determine when it publishes a correction.

■■ Part VI explains how users of Platts assessments can contact Platts for clarification of data that has been published, or to share a complaint. It also describes how to find out more about Platts complaint policies.

■■ Part VII is a list of detailed specifications for the trading locations and products for which Platts publishes assessments for a particular commodity. This section describes why specific units of measurement are used, and what conversion factors are used to move between units of measurement, where relevant.

PART I: INPUT DATA

Platts objective is to ensure that input data that editors use as the basis for their price assessments is of the highest quality. Ensuring that data used in Platts assessments is of high quality is crucial to maintaining the integrity of Platts various price assessment processes.

Platts encourages entities that submit any input data for consideration in its assessment processes to submit all market data that they have which may be relevant to the assessment being made. Platts aim is to determine the full circumstances surrounding all reported transactional data, including details of quality, specifications, order sizes, dimensions, lead times and any locational and loading/delivery information. Platts uses that



information to determine a typical and repeatable market level for the commodity being assessed.

Reporting data to Platts

Platts assesses a variety of different markets and commodities. In some of these Platts receives information from back office functions. However, in many markets back office functions are not best placed to communicate relevant market data to Platts editors, and in these instances Platts has processes in place to ensure that data is corroborated either through reviews of entities participating in its process, or through source validation and publication of information.

As part of its standard editorial practise, Platts routinely reviews the companies participating in its price assessment processes. These reviews ensure the suitability of data and information that are used to formulate Platts end-of-day price assessments. These reviews are conducted on a regular basis, and may take into consideration an array of issues including, but not limited to, adherence to editorial guidelines, operational and logistical issues, as well as counterparty acceptance. Further details concerning Platts MOC Participation Guidelines can be found online at https://www.platts.com/market-on-close.

The reviews are not designed to impede a company’s ability to bilaterally engage in market transactions; the objective at all times is to ensure the integrity of published price assessments. Platts does not disclose the nature or scope of routine reviews of data providers that participate in its price assessment activities.

Platts may consider verifiable data reported and published through the day as provided for publication by individual sources, through established editorial methods.

Platts has developed guidelines for Management of Sources that address source identification, source evaluation, source development, using source information and source dependency. Individual sources are verified as per Platts Source Management Guidelines.

Platts considers several criteria as whether to use source information. These criteria include:

■■ Company reputation

■■ Source position within a company

■■ Source understanding and knowledge of the market in question

■■ Ability of source to provide relevant, valuable information

■■ Ability of Platts to verify information with other sources

■■ Source credibility

What to report

Platts encourages all market participants to submit all data that may be relevant to Platts assessments, including but not limited to:

■■ Firm bids that are open to the marketplace as a whole, with standard terms

■■ Firm offers that are open to the marketplace as a whole, with standard terms

■■ Expressions of interest to trade with published bids and offers, with standard terms

■■ Confirmed trades

■■ Indicative values, clearly described as such

■■ Reported transactional activity heard across the market, clearly described as such

■■ Other data that may be relevant to Platts assessments

How to report

Platts accepts any reasonable method of delivery/communication for information provided for publication in real-time, including for bids, offers and transactions. Platts editors typically communicate with market participants through phone, eWindow (if relevant) and/or online instant messaging systems .

Platts tries to accommodate the communication needs of its customers and will endeavor to open any additional communication channels required. Other means of communication, such as emails during the assessment process, are acceptable but are considered to be atypical. If a market participant chooses to communicate with Platts editorial using such atypical means, this needs to be highlighted well ahead of the assessment process.

The following reporting methods are accepted by Platts editorial staff:

■■ Commonly used Instant Messaging software

■■ eWindow

■■ Telephone

■■ Email

Reporters covering the markets in Asia and the Middle East are contactable from around 09:30 to around 18:30 Singapore time, those covering Europe and Africa from around 09:30 to around 18:30 London time, and those covering the Americas from around 08:30 to around 17:30 Houston time.

MOC data publishing principles

The Platts Market on Close (MOC) assessment process establishes core standards for how data is collected and published, how data is prioritized by value, and ultimately how data is analyzed in the course of completing Platts assessments.



Transparency underpins Platts data publishing processes. Under Platts MOC guidelines for collecting and publishing data, Platts publishes market information including but not limited to firm bids and offers, expressions of interest to trade and confirmed trades that are received from market participants throughout the day.

This information is published in real-time, as it is received, on Platts information services. Platts publishes all information received so that it can be fully tested by the market at large. Information collected and published includes the identities of buyers and sellers, confirmed prices, volumes, location, and stated trading terms.

Platts assessments are designed to reflect repeatable market value at the close of the assessment process. Platts tracks market price evolution during the entire day, and publishes a wide range of data relating to market value as it does so. All data that has been published through the day is analyzed during the assessment process. Towards the close of the day, Platts focuses its assessment process to publish named firm bids and offers, expressions of interest to trade and confirmed trades, with all relevant details. This transparent data is prioritized in the assessment process, because it is available to the entire market for testing.

In order to ensure that all firm bids and firm offers that still stand at the close of the assessment process have been fully tested in the market at large, Platts has established clearly defined time cut-offs that apply when publishing firm bids and firm offers in the MOC process. Time cut-offs for the submission and subsequent publication of new bids and offers are applied so that MOC participants cannot bid or offer late in the process, and to ensure that every bid and offer published by Platts is logistically executable.

Bids and offers published by Platts are considered to be firm until Platts is informed otherwise, or until the close of the assessment process for the day, whichever comes first. Platts expects all participants in the MOC process to be contactable at all times.

Platts will consider all firm bids and offers as open to the market at large and executable unless informed otherwise by the counterparty submitting the market information. If no communication is made to Platts to withdraw or change the parameters of the bid or offer it is assumed that it is available to the marketplace. Platts seeks verification of any transaction originating from a bid or offer submitted for inclusion in the Platts MOC process.

Input data may also include fully and partially confirmed bids, offers and trades, notional trading values and other market information as provided for publication by individual sources, through established editorial methods.

Market reporters endeavor to verify all market information they receive, including by testing it within the market through the publishing process. Trades reported as executed are verified as being executed and Platts ensures that any firm bids/offers reported are available to the market as a whole.

Platts uses various techniques to confirm the quality of data it receives, including cross checks with counterparties as well as requests for supporting documentation. Platts eliminates data in the price assessment process that cannot be verified in the market to the extent deemed appropriate .

All Platts market reporters are trained to analyze the data they receive and to question sources to establish the fullest set of information possible around price data. Reporters are trained to seek a wide variety of information to test reported transactional activity, including the specific price agreed, the counterparty to the trade, the point of origin and destination for delivery of the commodity, the size of the transaction, any physical quality commitments agreed as part of the trade, the terms and conditions of a trade and when a trade was agreed.

Platts publishes the most relevant information collected that meets its methodological standards, typically through real-time information services and with as much transparency as possible in order to test information within the market.

MOC data submission process

Platts has specific guidelines around data submissions to ensure high quality of information in the assessment process . This includes detailed guidelines on timings for submissions, which can be found in the specific guide for each commodity process. The purpose of the time cut-offs is primarily to ensure logistical executability and standards of incrementability and repeatability to ensure an orderly assessment process. As such, they may be changed at short notice if evolving market conditions require .

To ensure proper dissemination of market information, new bids and offers for publication by Platts must be received by Platts no later than stated cut-off periods.

In order to ensure that all published data is fully tested in the market, Platts has established guidelines around how quickly bids and offers may be improved when they have been published, and by what amount. These incrementability guidelines define the quantum and speed at which bids and offers may typically be improved in the MOC assessment process. Incrementability does not apply to bids and offers that are moving away from market value, though Platts analyzes bids and offers that are moved lower, and higher, respectively, to ensure reasonability.

Platts may notify the market of any adjustment to the standard increments in the event of market volatility or a disruptive event. A market participant can withdraw a bid or offer from Platts MOC process at any time, so long as no other potential trading counterparty has indicated that it has interest to buy or sell into the bid/offer.

Platts expects that market participants bidding and offering in the MOC process should perform on their bid/offer with the first company of record to express interest to Platts for publication during the MOC process. In the event of a dispute on the timing, Platts will review its records and determine which company communicated to Platts first its intention to execute on a bid/



offer displayed on the Platts systems. Platts prioritizes data on the basis of timeliness. This sequence is critical for an orderly assessment process.

Platts editorial guidelines governing its assessment process require it must consider only those transactions, bids or offers where market participants perform under typical contractual terms. Platts accepts that individual companies may have trading limits with counterparties and that national legislation may prevent companies from dealing in materials of certain origins. Such counterparty issues are dealt with on a case-by-case basis.

All bids and offers are firm from the moment of submission.

Submissions of bids, offers or transactions should not be considered as received by Platts unless acknowledged as received by Platts. For communication initiated by phone Platts will consider the time when the trader actually communicated the bid/offer or transaction. Acknowledgment may take the form of “yes,” “OK,” “y,” “k,” or any other reasonable forms, including by sending back the published information. Platts recognizes the time of receiving a message of a company’s intent to buy/sell, as opposed to the time a message was sent by the trading party.

Bids and offers submitted on time but in an incomplete form, where the terms are only clarified after the cut-off deadline, will not be used in the assessment process.

As a general recommendation Platts advises market participants not to wait for the last possible minute before the cut-off deadlines for bids and offers, as the communication may not be completed on time.

A buyer or seller can communicate with Platts directly to express buying or selling interest. Platts may also take into consideration bids and offers made via a broker, provided the buyer or seller have communicated to Platts that they have authorized the broker to speak on their behalf.

Platts only considers for publication and assessment transactional interest that is expressed by participants for bids or offers that have already been published by Platts. Interest in bids or offers at prices that have not been published, and therefore may not be fully available for testing in the marketplace as a whole, may be disregarded. Should a buyer lower its bid or a seller increase its offer, an expression to trade at a previously published level will not be considered.

Platts editorial processes require full clarity when communicating bids/offers and intentions to trade. When expressing an intention to hit a bid or lift an offer in the MOC processes, any message should typically include the specific price of the trade and the name of the counterparty. Information may not be published if it is not sufficiently clear when communicated to Platts.

Following any trade, an intention to rebid or reoffer must be received by Platts as soon as is possible and within a reasonable time frame, as per incrementability guidelines.

Unless sellers/buyers expressly inform Platts of their continued interest to buy/sell after a deal, Platts will presume the original buyers or sellers are not there for additional volume.

A rebid or reoffer must match the initial position’s parameters, with the exception of price. A rebid or reoffer can be made at the same level or inferior to the traded price. For example Company B hits Company A’s bid for $100/mt during the MOC. Company A can rebid at $100/mt or below this level. If the MOC process for the market includes a “freeze” period at the close of the process, bids and offers may only be repeated at the last published price.

When there are multiple bids or offers at the same level, the first participant to reach that level should be the first to be traded. Subsequent deals will go to the second, third and fourth participant at the same level. When a participant is traded, any repeat of their bid/offer will move to the back of the bid/offer queue.

Platts will consider the first participant to express their interest in a bid or offer to be the counterparty for the subsequent trade. Platts will monitor time stamps in the event of a dispute to determine who the first buyer or seller was. In the event of a bid or offer being repeated, the queue of participants expressing interest in that position will be reset. Platts will not consider any interest expressed in a rebid or reoffer before the position is published to be executable during the MOC assessment process.

After a bid or offer is published, only price can be changed, while in certain markets volume may be adjusted to be multiples of a minimum volume. The quality or loading/delivery timing cannot be changed. Buyers or sellers can withdraw bids/offers at any time, provided no prior interest to transact has been expressed by any potential counterparty. If a participant trades another position during the MOC assessment process, they must communicate to Platts if they wish to withdraw their existing position following the trade. Otherwise, it is assumed the participant’s own position remains active.

All participants that have reported bids and offers for publishing in the Platts process are expected to promptly report any transactions stemming from available bids or offers reported to Platts as part of the MOC assessment process.

Platts synchronizes its computer clocks every day precisely, and will compare the time of any submitted bid, offer or transactional interest against this synchronized time. Please note that Platts applies the timing deadlines strictly.

For the purposes of clock synchronization, market participants may find the following internet link to be helpful: www.time.gov. This link offers an atomic clock reading for US time zones.

In markets where Platts eWindow is in operation, the eWindow clock will be used to determine the correct sequence of events when a bid or offer is amended, withdrawn, or traded by an interested counterparty. Bids or offers submitted by phone, or any other medium, such as instant messaging software, shall be



clocked at the time the bid, offer or trade indication is actually transmitted through the Platts eWindow system. As per Platts methodology, buyers or sellers can withdraw bids/offers at any time when communicating through eWindow, provided no prior interest to transact has been expressed by any potential counterparty. All bids and offers are firm from the moment submitted into Platts eWindow to the moment they are traded, the window period closes or the bid/offer is withdrawn from the system by the trader or a Platts editor.

Platts is an information company and it aims to publish any credible bid or offer reported to it. Platts makes no commitment to publish every bid or offer submitted to it, however. For instance, frivolous bids and offers may not be published.

Terms of trade such as quality, delivery port, timing of delivery/loading and price are fully up to the company submitting the bid or offer.

Platts cannot make any guarantee in advance about how and whether market information received and published but not fully adhering to its defined methodology will be incorporated in its final assessments.

Atypical bids, offers, trades

Platts may publish bids, offers and trades with atypical pricing terms, including benchmark bases and timing. Market information with atypical pricing inherently differs in value from the typical and commonly observable information in the market.

Bids and offers which are deemed as atypical relative to the market may not be fully taken into consideration for the assessment process. In the absence of an associated, liquid derivative instrument atypical pricing bases may be difficult or impossible to evaluate on an outright price equivalent.

Such bids/offers or transactions would be at best indicators of an overall market condition but they would not be seen as exact indicators of market price.

Any unusual condition or request regarding a commodity should be specified at the moment the initial bid or offer is made. Any unusual request that surfaces at the time a counterparty is ready to trade and that impedes the normal flow of a transaction could be seen as an impediment to trade.

Information reported by market participants that may have legal implications, including but not limited to potential libel, will not be published.

Market participants are encouraged to inform Platts when they cannot trade with another typical market participant due to performance, credit or legal issues before the cut off deadlines for initial bids and offers. Platts may ask market participants to provide supporting documentation to ensure the integrity of its assessment process.

Law

Contracts using English law are considered standard in the assessment process.

Embargoed products

Laws stating that nationals from specific countries may not buy products from embargoed countries may prevent market participants from lawfully executing transactions. A seller therefore may not assume that a buyer has the obligation to buy embargoed materials. Under Platts Market on Close assessment guidelines, commodities supplied from countries or entities that are subject to trading embargoes and sanctions recognized under international law should not be delivered against transactions concluded during the Platts MOC assessment processes. Bids and offers that contain statements surrounding delivery of embargoed materials will be considered by Platts for publication, and if published after review may be subject to normalization in value.

Late performance

Platts is aware that physical conditions regarding logistics which are beyond the control of the seller or buyer may result in lateness, quality issues or conditions seen as a deviation from the original wording in the contract, for example late delivery/loading.

These deviations will be seen in the larger context of physical trading, and should not be seen as an indication of Platts condoning lateness.

Platts will review patterns of logistical performance, as adjustments due to late performance and/or quality issues should be extraordinary and not recurring events.

Participants who are intending to sell should not offer when there is a known and distinct possibility that loading/delivery may be delayed. If congestion or delays prevent performance under the contractual terms, the seller should make reasonable and timely efforts to supply from an alternative source, or the seller should engage in other measures to alleviate the buyer’s exposure.

Equally, a buyer should not over-commit and then aggregate nominations in a way that makes it logistically impossible for the seller to perform.

Platts will take appropriate steps to ensure the integrity of its assessments if issues of non-performance should arise.

In summary, performance is paramount and all bids and offers must be firm and transactions should be performable within the contractual parameters.

Platts only recognizes bids, offers and transactions where no party claims a right to unilaterally cancel a transaction. If a transaction becomes difficult the party causing the issue must seek resolution including alternative loadings, qualities, dates or book outs.

Compensation

Platts publishes bids, offers and transactions on the basis that participants will fulfil the full value of the physical contract.

A party deemed to have underperformed or not performed under the original contract is expected to compensate the affected party.



In almost all circumstances, the compensation is not, and should not be due to a flat price change, but should include parameters such as backwardation, logistics, and the inconvenience for the buyer in the case of a seller not performing, or contango, logistics and the inconvenience for the seller in the case of a buyer not performing. Compensation should not include consequential costs.

Such adjustments should be fair and in line with market practice, and should be reciprocal in the event that the inverse situation occurs in the future.

Compensation is subject to editorial review to ensure market practices and overall fairness in the transaction have been followed. Platts review may include an analysis of reasonable compensation. Platts views compensation as a part of full performance due under the parameters of a trade reported in the assessment process.

Force majeure

Force majeure is part of trading and may be invoked under very special circumstances. Platts editors will monitor the application of it to ensure that force majeure is not invoked frivolously.

Booking out trades

Booking out trades done during the Platts Market on Close assessment process is acceptable under exceptional circumstances. A stressed party may request to book out a trade, but its counterparty is under no obligation to accept such request.

In those exceptional cases where both counterparties agree to book out a trade, Platts expects the original spirit of the contract to be fulfilled where the non-performing party offers to buy/sell back the position and compensates the affected party.

In almost all circumstances, the adjustment is not and should not be due to a flat price change, but should be to include parameters such as market structure, logistics and the inconvenience for the buyer or seller expecting a normal

transaction. Such adjustments should be fair and in line with market practice, and should be reciprocal in the event that the inverse situation occurs in the future.

Furthermore, circle outs may occur when the original seller sells a parcel that is later sold into a third party that has a sale into the primary seller. Such “circle outs” are considered a normal part of trading as sometimes chains originate and finish at the same point.

Book outs and circle outs are subject to editorial review to ensure market practices and overall fairness in the transaction have been followed. Platts review may include proposals/arrangements to protect the integrity of its assessment process.

Review of trades

Platts may track all aspects of performance on trades reported during its MOC assessment process. Platts not only focuses on the performance of the transaction at the time of trade, but also on any significant issues stemming from such trades, including logistics and eventual delivery. Trades executed through the Platts Market On Close assessment process may be reviewed from time to time for performance completion. Platts therefore may request documentary material to determine performance and validity. Such material may include details of quality, location, vessel and laycan nominations. MOC trades may be subject to editorial review to ensure market practices and performance in the transaction have been followed.

A failure to meet Platts guidelines for participation and performance in the MOC may lead to an event driven review. Event driven reviews are designed to help ensure that transactional information and other data inputs used as the basis for Platts price assessments are representative of market value on an ongoing basis.

Post-deal tracking enables Platts to determine the actual performance of the participants in the trade and the validity of their inputs. Platts may publish confirmation of trade performance information.

Specification

Platts assessments reflect typically traded qualities of commodities. Specifications are available in individual specifications guides, published on the Platts website www.platts.com.

Testing of products

Traded commodities are subject to standard testing techniques and protocols to determine contractual performance. Platts typically follows the standards already in place in the trading market, although it may monitor these to ensure that the standards are adequate.

Implied guarantees in specifications

Bids and offers submitted to Platts that include numerical specifications will be assumed to have a series of zeroes to the right of the decimal point or to the right of the last digit to the right of the decimal point.

As an example, a fuel oil cargo with a maximum guarantee of 0.1 Shell Hot Filtration will be considered as 0.1000 etc. If the specification guarantees are otherwise, the buyer or seller should specify it clearly to avoid potential disputes.

Merchantability

Platts only considers in its assessments commodities that are merchantable. Hence, buyers may assume that offers or transactions are for a commodity that is merchantable. Sellers must ensure their offers or transactions are for merchantable commodities.

PART II: SECURITY AND CONFIDENTIALITY

Data is stored in a secure network, in accordance with Platts policies and procedures . Platts assessments are produced in accordance with Platts Market on Close assessment methodology. This means that all data for use in Platts assessments may be published by Platts editorial staff while assessing the value of the markets.



Platts does not have confidentiality agreements in place for information that is sent for use in its assessments.

PART III: DETERMINING ASSESSMENTS

The following section describes how Platts uses concluded and reported transactions, bids, offers and any other market information it has collected in the manner described in section one, to formulate its price assessments. Additionally, this section describes other information, including the normalization of market data, assumptions and extrapolations that are considered when making a final assessment.

MOC price assessment principles

Through the MOC assessment process, Platts considers market information gathered throughout the normal trading day, and publishes such information throughout the day. Platts analyzes all published information in determining its final published price assessments.

Platts seeks to establish and publish the value of markets that prevail at the close of the assessment process. Platts has aligned the timestamps reflected in its assessments with what typically is a period of high activity in the markets that Platts observes. Platts believes that aligning its price assessments to typical periods of greater market activity and liquidity provides a robust basis upon which to derive an assessment of market value. Timestamps for each assessment are included in the specifications guide for that assessment.

Platts has adopted the MOC methodology in order to provide complete clarity over the precise point in time reflected in its market assessments. Like the quality of a commodity, its delivery location, delivery dates, contract terms, and the volume to be supplied, the time of commercial activity is an important attribute considered in Platts price assessments. The time that a bid or offer is shown to the market, or a transaction concluded, is vitally important in understanding the market value of the respective

commodity, in the same way that the quality of the commodity, where it will be delivered and when it will be delivered are important factors. By clearly reflecting value at a defined point in time Platts is able to properly reflect outright and spread value.

The clarity established by providing a well-defined timestamp is also important for understanding the relationships between the markets that Platts assesses. By ensuring that all assessments within a region reflect market value at the same moment in time, spreads that exist between commodities are also able to be fully and properly reflected. For example, comparing the value of a raw material to a processed commodity is possible when both values have been determined at the same moment in time. By contrast, comparing the price of raw material in the morning, to processed material in the afternoon, might deeply impair the relationship between the commodities – particularly when the respective market prices move independently during the intervening period.

By providing clear timestamps for assessments, the Platts MOC process is designed to provide assessments that properly reflect outright and spread value during times of high volatility equally well as in times of modest volatility.

MOC guidelines are designed to avoid distortion of the final price assessments by eliminating inputs that are not fully verifiable, and by disregarding one-offs or unrepeatable transactions, or those that may distort the true market level. Transactions between related parties are, for instance, not considered in the assessment process .

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. Platts will only publish expressions of interest to trade with the most competitive, tradeable bid or offer available.

Platts does not specify a minimum amount of transaction data, or a transaction data threshold, for the publication of its price assessments. Physical commodity markets vary in liquidity. Any

particular market analyzed on its own will typically demonstrate rising and falling levels of transactional activity through time. Platts is committed to providing an assessment of value for every market that it covers, equally well in times of heightened or reduced liquidity.

Platts seeks to receive market information from as broad a cross section of the market as possible. If a very limited number of market-makers are active in the market, or if a limited number submit data that constitutes a significant proportion of the total data upon which the assessment is based, Platts will continue to seek fully transparent and verifiable data from the market at large and to apply Platts methodology principles of transparency and time sensitivity. Platts considers data for assessment of any market where a single company provides more than half of all available information to be one where such a company provides a significant proportion of data. For consideration in the MOC process such a company’s bids or offers must be clearly available for execution by any other potential MOC trading counter party .

Normalization price adjustment techniques

Platts seeks to align the standard specifications for the markets it assesses and the timestamps reflected in its assessments with standard industry practice. However, physical commodity markets are generally heterogeneous in nature. Key attributes often vary from the base standard reflected in Platts assessments as material is supplied to market.

The quality, delivery location and other specific terms of trade may vary in the physical commodity markets assessed by Platts. This means that simple averages of trades may not produce a representative assessment value of a physically heterogeneous market.

Because of the complex nature of the physical markets, market data typically must be aligned with standard definitions to allow for a fully representative final published assessment. Platts aligns data collected through an analysis of the physical markets with



its standard assessment specifications through a process called normalization.

Normalization is an essential price adjustment technique used to align reported market information to the base standard reflected in Platts price assessments.

Platts establishes the level of normalization by surveying markets and observing the economic impact of variance from the base standard. This is done by analyzing freight rates (for locational differences), quality premiums (for quality differences), the movements of all markets through time (for time differences) and other premiums associated with the size of trades and delivery terms.

Normalization for time may be done by analyzing movement in a related market observed through time, and that movement may provide a basis by which to align market value of an earlier reported bid, offer or transaction to market value at the MOC close. The alignment for time is essential to ensure that Platts price assessments reflect the prevailing value of a market at the close of the MOC process.

Prioritizing data

Transparency underpins Platts assessment process, just as it does Platts data publishing processes. Platts assessment process considers firm bids, firm offers and arms-length transactions that are transparent and open to sufficient, credible counterparties. Bids, offers or transactions that are not transparent may not be considered in the assessment process; bids above transparent offers or offers below transparent bids are not considered in the assessment process. Platts considers changes to bids or offers when those changes are made transparently and in normal increments .

When determining a final market assessment, Platts gives the greatest priority to fully verifiable and transparent market information. A firm bid or offer that has been published by Platts in accord with its data publishing standards, as outlined in part

1 above, and which still stands open to the marketplace at the close of the assessment process, will establish clear parameters for Platts final published assessments. Platts will typically assess market value between the best firm bid and best firm offer open to the market at the close. This ensures that Platts assessments reflect the transactable value at the close .

Completed, transparent transactions that are fully published by Platts are important in helping establish where trading interest prevails in the market, and may help determine where, in a bid/offer spread, Platts may assess value for publication.

Firm bids and offers that are available to the entire market may take precedence over trades that have been concluded earlier in the assessment process when establishing the value of the market, particularly if bids are available at the close above previously traded levels, or offers are available to the market below previously traded levels. Value is a function of time .

Similarly, firm bids and offers that are available to the entire market take precedence over transactional activity reported to Platts after completion.

The level of each bid or offer must stand firm in the marketplace long enough for any counterparty to transact; otherwise the bid or offer may be deemed non-executable. Platts may not consider bids, offers or transactions that are the result of market gapping. Gapping occurs when a bid and an offer are more than one increment apart and a trade occurs. Platts will analyse and evaluate such trades for their representative value. They may not be fully reflected in the final assessment.

Platts assessment guidelines are designed to avoid any distortion of the final price assessment and so inputs that are not verifiable and “one-off” or unrepeatable transactions may be disregarded from the price assessment process.

Single transactions may be a reflection of market value. However single transactions need to be measured against the broad

span of similar transactions. If for instance a buyer decides to trade an offer but is unwilling to buy more material offered at the same level if the seller reoffers it would be determined that the buyer failed the repeatability test. Equally if the seller does not reoffer, the seller fails the repeatability test. As such the transaction may not be fully reflected in the price assessment.

Similarly, Platts may not publish bids or offers that are provided through untested price levels. When transactions are concluded at levels that have not been fully tested by the market because price changes have been non incremental, Platts may determine that actual market value is between the last incremental bid and the transaction at the gapped level.

When no bid, offer or transaction data exists, Platts may consider other verifiable data reported and published through the day, including fully and partially confirmed trades, notional trading values and other market information as provided for publication. Platts may observe direct market activity as well as the effect of movements in related markets through spread differentials or blending and shipping economics, for example .

Platts takes into account representative transactions executed at arms-length in the open market occurring during the trading day, up to the close, and additionally taking into account bid and offer information submitted during this period. Platts editors may require direct verification from the principals to a reported bid, offer or deal when communicated through a third party, including a broker.

Assessment CalculationsUnits of measurement

Platts publishes its assessments reflecting the currencies and units of measurement in which the products typically trade.

Commodities are generally internationally traded in US dollars, and Platts assessments are typically published in that currency as a result. Certain markets, such as regional markets, trade



using local currency. Platts assesses the value of such markets as appropriate in local currency.

Commodities typically trade in volumetric or energy units, and Platts assessments for these markets reflect common practice in each market . The units and unit range considered for each individual Platts assessment of a physical market is described in the specification guide for each commodity.

In certain cases Platts converts its assessments to other currencies or units of measurement to allow for ease of comparison or analysis in regional markets. Such conversions are done using exchange rates published regionally. Conversion factors are described in the specifications guide for each commodity alongside individual assessment codes.

Use of judgment

Judgment guidelines promote consistency and transparency and are systematically applied by Platts. Where judgment is exercised, all information available is critically analyzed and synthesized. The various possibilities are critically analyzed and fully evaluated to reach a judgment .

Platts reporters follow specific methodology when exercising judgment or discretion during their assessment process. Platts editors apply judgment when determining (1) whether information is suitable for publication, (2) when and how to normalize data and (3) where to assess final value. All such judgment is subject to review by Platts editorial management for adherence to the standards published in Platts methodologies.

Judgment may be applied when analyzing transactional data to determine if it meets Platts standards for publication; judgment may also be applied when normalizing values to reflect differences in time, location, and other trading terms when comparing transactional data to the base standard reflected in Platts assessments.

To ensure all assessments are as robust as possible, Platts editorial systems are backed by a strong corporate structure

that includes managerial and compliance oversight.

An evaluation process is conducted before publication on every benchmark assessment by a competent peer or manager . The price assessments are reviewed and the exercise of judgment is further discussed and verified during this process. Finally, assessments that are used as benchmarks are supported by assessment rationales. These rationales explain the application of judgment and are published together with the relevant price assessment, offering full transparency to the market .

To ensure the consistent exercise of discretion, Platts ensures that reporters are trained and regularly assessed in their own and each other’s markets. Platts manages and maintains internal training guides for each of the different products assessed which aim to ensure Platts price assessments are produced consistently .

Every assessment of a benchmark, including the use of discretion, is reviewed and approved by a competent peer or manager prior to publication.

Reporters are trained to identify potentially anomalous data . Platts defines anomalous data as any information, including transactions, which is inconsistent with or deviates from our methodology or standard market conventions .

As a publisher owned by S&P Global, independence and impartiality are at the heart of what Platts does. Platts has no financial interest in the price of the products or commodities on which it reports. Platts aim is to reflect where the actual market level is.

Platts focuses primarily on assessing the value of a commodity trading in the spot market. A spot price for a physical commodity is the value at which a standard, repeatable transaction for merchantable material takes place, or could take place, in the open market at arms’ length. Platts spot price assessments reflect this value at precisely the close of the assessment process.

Platts overall objective is to reflect the transactable value of the commodity assessed. In cases where the apparent value of the commodity includes extra optionalities, the intrinsic value of the commodity may be masked. In such cases, Platts reporters may use judgment to normalize bids, offers or transactions with such extraneous elements to the base market standard, or may exclude them altogether. Optionalities that may mask the value of the commodity include but are not limited to loading or delivery options held by the buyer or seller, size option tolerances exercisable by the buyer or seller, or quality specifications .

Outright, differential and spread prices

Platts assesses the outright value of a commodity, as well as differentials when it trades with reference to a benchmark. Platts analyzes all data collected and published by Platts throughout the day. Final assessments are above firm bids, and below firm offers, that stand at the close of the Market on Close assessment process. This is true for outright values and differentials.

Platts physical price assessments use a variety of inputs, including outright price bids/offers, floating price bids/offers, spread price bids/offers (including EFPs, EFSs etc.) and combinations of fixed and floating prices. Platts’ objective is to assess the prevailing tradable outright price of the commodity at the close of the market assessment period. In the event of an observed conflict between outright values and differentials or spreads, outright values prevail in Platts final published assessments.

Platts establishes the hedgable, outright value of floating and spread price indications by applying them to the observable, prevailing value of underlying relevant derivatives instruments. In the event of conflicts observed between the outright values derived from floating and spread prices with different underlying references, Platts takes into account considerations that include the relative liquidity of each relevant derivatives market, and the typicality of a given spread or floating price, when exercising judgement around whether to prioritize one particular floating price or spread over another.



Platts may publish bids, offers and trades with atypical pricing terms, including benchmark bases and timing. Market information with atypical pricing inherently differs in value from the typical and commonly observable information in the market.

Bids and offers which are deemed as atypical relative to the market may not be fully taken into consideration for the assessment process. In the absence of an associated, liquid derivative instrument atypical pricing bases may be difficult or impossible to evaluate on an outright price equivalent.

Such bids/offers or transactions would be at best indicators of an overall market condition but they would not be seen as exact indicators of market price.

Timing

Platts produces time-sensitive assessments that reflect the value of the markets it covers precisely at the close of the price assessment process in each region. By providing clear timestamps for every region the Platts assessment process is designed to provide price assessments that properly reflect outright and spread value.

As an example, gasoline has a value, naphtha has a value and the gasoline versus naphtha spread has a value, and all three match when measured at the same time. By contrast, a system of averages can lead to distortions in the gasoline versus naphtha spread if the distribution of deals done for gasoline and naphtha differs over the averaging period. Thus if gasoline trades actively at the beginning of the assessment period and naphtha trades actively at the end of the assessment period in a rising market, the assessed spread value resulting from an averaging process will not be reflective of actual market value. This distortion can arise even if the value of spread trades in their own right has remained constant. The MOC approach drastically reduces the possibility of such distortions.

Assessments reflect typical loading and delivery schedules for each market assessed. The standard loading and delivery

periods are included in the individual specifications guide for each commodity.

Market structure, such as backwardation and contango, is also factored into the Platts assessment process. If a company offers a parcel loading 15 days forward, the offer may provide market information for the Platts assessment for parcels loading 15 days forward. Platts would still need to assess days 16 through 30 (in a 15-30 day market) and publish an assessment that reflects market value 15-30 days forward ahead of the day of assessment.

Market structure

Platts is very stringent in following timings for loading or delivery due to the variability in market value across time. This variability increases as the market structure, backwardation or contango, in the markets increases.

Platts factors in the backwardation/contango and reflects its impact on the published assessment. The assessment reflects the value of the commodity normalized to the center of the loading/delivery window. In a contango market, the excess of prompt material causes the front period to be significantly lower in value than material available at the end of the window. In a backwardated market the tightness of supply causes the prompter material to be at a higher price than material available at the end of the window.

Platts methodology eliminates any arbitrary movement in assessments caused simply by the different loading/delivery ranges traded. By normalizing prices to the mid-point of a clearly defined date range, the consistency of prices is maintained. The day-to-day changes in the price assessments therefore reflect an actual price move in the value of the commodity, rather than an artificial change because a cargo happens to be loading/delivering in the front period of the window rather than the back period, or vice versa.

The date ranges reflected by Platts reflect the prevailing trading practices in the region. By not taking very prompt days

into consideration, transactions reflecting distressed prices are excluded. The definition of this period varies according to specific markets.

Determination of backwardation or contango

In calculating market structure, the prices of tradable instruments, including derivatives such as futures and swaps, may be used.

Typical calculations include a determination made for the difference in price over a month; a granular value is then calculated from this for each day.

Outright and floating price information

The three main factors used in the commodities markets for price determination are:

■■ Outright price

■■ Differentials

■■ Derivatives

These three factors — outright price, premiums and derivatives – converge in a spot price. Platts may use all three in its assessments.

Outright price: The ultimate question in the mind of an end-user, producer, trader or broker is price. Outright prices are the simple statement of a price at which something can be bought or sold, with the entire value stated – for example, an offer of a cargo of iron ore at $100/mt. Price in turn determines expense, processing margin, profit, loss, etc. The spot market trades actively on an outright price basis and a floating price basis. Platts takes both into account in its assessments. Platts will publish activity on both a fixed and floating basis.

Differentials: Many transactions are carried out in relation to a benchmark. In this case a differential, also known as a



premium/discount is generated. Differentials can arise if the quality, volumes or loading times for a given transaction differ from the benchmark. In addition, floating price transactions are done in relation to assessments that will be published in the future – for example, a bid for a cargo at $10/mt above the Platts assessment of that same commodity, as published immediately before, during and after delivery of the cargo. Premiums usually rise when the market’s backwardation steepens, and the steeper the curve, the greater the premium. In a contango situation, premiums have a tendency to turn into discounts.

Derivatives: Derivatives are a major determinant in price; they trade frequently and throughout the day. These markets are very reactive and may provide market participants with timely information on market conditions. They can react to arbitrage conditions or movements in overseas markets as well as local conditions. Derivatives may allow companies to adapt their price exposure because they enable market participants to transform floating prices to fixed or fixed to floating.

PART IV: PLATTS EDITORIAL STANDARDS

All Platts employees must adhere to the S&P Global Code of Business Ethics (COBE), which has to be signed annually. The COBE reflects S&P Global’s commitment to integrity, honesty and acting in good faith in all its dealings.

In addition, Platts requires that all employees attest annually that they do not have any personal relationships or personal financial interests that may influence or be perceived to influence or interfere with their ability to perform their jobs in an objective, impartial and effective manner .

Market reporters and editors are mandated to ensure adherence to published methodologies as well as internal standards that require accurate records are kept in order to document their work .

Platts has a Compliance function that is independent of the editorial group. The Compliance team is responsible for ensuring the quality and adherence to Platts policies, standards, processes and procedures. The Compliance team conduct regular assessments of editorial operations, including checks for adherence to published methodologies.

S&P Global Platts appoints an independent, external auditor with appropriate experience and capability to review and report on its adherence to this stated methodology. The annual report is published online at https://www.platts.com/regulatory-engagement.

PART V: CORRECTIONS

Platts is committed to promptly correcting any material errors. When corrections are made, they are limited to corrections to data that was available when the assessment was calculated .

PART VI: REQUESTS FOR CLARIFICATIONS OF DATA AND COMPLAINTS

Platts strives to provide critical information of the highest standards, to facilitate greater transparency and efficiency in physical commodity markets.

Platts customers raise questions about our methodologies and the approach we take in our price assessments, proposed methodology changes and other editorial decisions in relation to our price assessments. These interactions are strongly valued by Platts and we encourage dialog concerning any questions a customer or market stakeholder may have.

However, Platts recognizes that occasionally customers may not be satisfied with responses received or the services provided by Platts and wish to escalate matters. Full information about how to contact Platts to request clarification around an assessment, or make a complaint, is available on our website, at: http://www.platts.com/ContactUs/Complaints .



PART VII: DEFINITIONS OF THE TRADING LOCATIONS FOR WHICH PLATTS PUBLISHES DAILY INDEXES OR ASSESSMENTS

The following specifications guide contains the primary specifications and methodologies for Platts petrochemical assessments throughout Europe and Africa. The various components of this guide are designed to give Platts subscribers as much information as possible about a wide range of methodology and specification issues.

This methodology is current at the time of publication. Platts may issue further updates and enhancements to this methodology and will announce these to subscribers through its usual publications of record. Platts editorial staff and managers are available to provide guidance when assessment issues require clarification.

OLEFINSPC Page

Assessment Currency Code Mavg Wavg Contract type Contract basis Location Delivery period Min size Max size UOM Conv Code Mavg Wavg

Ethylene, Propylene

Ethylene Contract Price Indicator EUR HPBJH00 HPBJH03 Contract FD NWE Next month PC543

Propylene Contract Price Indicator EUR HPBJO00 HPBJO03 Contract FD NWE Next month PC543

Ethylene CIF Med Weekly USD PHAJC00 PHBCZ03 Spot CIF Mediterranean 3-30 days forward forward 1000 MT PC0236

Ethylene CIF Med Weekly M1 USD HPBJD04 HPBJD03 Spot CIF Mediterranean Current month 1000 MT PC300

Ethylene CIF Med Weekly M2 USD HPBJE04 HPBJE03 Spot CIF Mediterranean Next month 1000 MT PC300

Ethylene CIF NWE USD PHAJD00 PHBCY03 PHAJD03 Spot CIF NWE 3-30 days forward 1000 MT PC543 PC0236

Ethylene CIF NWE M1 USD HPBJF00 HPBJF03 HPBJF04 Spot CIF NWE Current month 1000 MT PC543

Ethylene CIF NWE M2 USD HPBJG00 HPBJG03 HPBJG04 Spot CIF NWE Next month 1000 MT PC543

Ethylene FD NWE CP EUR AAUDC00 Contract FD NWE Current month MT PC0236

Ethylene FD NWE EUR HPAJE00 HPBCX03 HPAJE03 Spot FD NWE 3-30 days forward 100 MT PC0236 PC0236

Ethylene FD NWE M1 EUR HPBJI00 HPBJI03 HPBJI04 Spot FD NWE Current month 100 MT PC543

Ethylene FD NWE M2 EUR HPBJJ00 HPBJJ03 HPBJJ04 Spot FD NWE Next month 100 MT PC543

Ethylene FD NWE USD HPAJE10 HPAJE13 HPAJE14 Spot FD NWE 3-30 days forward 100 MT PC0300 PC0300

Ethylene FD NWE CP Crack Component EUR AAUDC02 Contract FD NWE MT PC0300

Ethylene FD NWE CP USD AAUDC10 Contract FD NWE Current month MT PC0300

Poly grade propylene FD NWE EUR HPAJQ00 HPBCA03 HPAJQ01 Spot FD NWE 3-30 days forward 100 MT PC543 PC0237

Poly grade propylene FD NWE M1 EUR HPBJM00 HPBJM03 HPBJM04 Spot FD NWE Current month 100 MT PC543

Poly grade propylene FD NWE M2 EUR HPBJN00 HPBJN03 HPBJN04 Spot FD NWE Next month 100 MT PC543

Poly grade propylene FD NWE USD HPAJQ10 HPAJQ13 HPAJQ14 Spot FD NWE 3-30 days forward 100 MT PC0308 PC0308

Poly grade propylene CIF NWE EUR HPAJP00 HPBCB03 HPAJP01 Spot CIF NWE 3-30 days forward 1000 MT PC543 PC0237

Poly grade propylene CIF NWE M1 EUR HPBJK00 HPBJK03 HPBJK04 Spot CIF NWE Current month 100 MT PC543

Poly grade propylene CIF NWE M2 EUR HPBJL00 HPBJL03 HPBJL04 Spot CIF NWE Next month 100 MT PC543

Poly grade propylene CIF NWE USD HPAJP10 HPAJP13 HPAJP14 Spot CIF NWE 3-30 days forward 1000 MT PC0308 PC0308

Chem grade propylene FD NWE Weekly EUR HPAJZ00 HPBCM03 Spot FD NWE 3-30 days forward 100 MT PC0237

Chem grade propylene FD NWE Weekly M1 EUR HPBJP04 HPBJP03 Spot FD NWE Current month 100 MT PC0308

Chem grade propylene FD NWE Weekly M2 EUR HPBJC04 HPBJC03 Spot FD NWE Next month 100 MT PC0308

Chem grade propylene CIF NWE Weekly EUR HPAJY00 HPBCN03 Spot CIF NWE 3-30 days forward 1000 MT PC0237



OLEFINSPC Page

Assessment Currency Code Mavg Wavg Contract type Contract basis Location Delivery period Min size Max size UOM Conv Code Mavg Wavg

Chem grade propylene CIF NWE Weekly M1 EUR HPBJA04 HPBJA03 Spot CIF NWE Current month 1000 MT PC0308

Chem grade propylene CIF NWE Weekly M2 EUR HPBJB04 HPBJB03 Spot CIF NWE Next month 1000 MT PC0308

Poly grade propylene monthly contract price EUR AAPST00 Contract FD NWE Current month MT PC0237

Propylene FD NWE CP Crack Component EUR AAPST02 Contract FD NWE MT

Butadiene FOB Rotterdam USD PHAKG00 PHBCR03 PHAKG04 Spot FOB NWE 3-30 days forward forward 1000 MT PC519 PC0312

Butadiene FD NWE EUR HPAKF00 HPBCQ03 HPAKF04 Spot FD NWE 3-30 days forward forward 100 MT PC519 PC0312

Butadiene FD NWE USD HPAKF10 HPAKF13 HPAKF14 Spot FD NWE 3-30 days forward forward 100 MT PC519 PC0312

Butadiene FD NWE CP EUR AAXOJ00 Contract FD NWE Current month MT PC519

Butadiene FD NWE CP USD AAXOJ10 Contract FD NWE Current month MT PC0312

Crude C4 Weekly USD AAVOS00 AAVOS03 Spot CIF NWE 3-30 days forward forward 1000 MT PC0461

Crude C4 Factor Weekly AAVOS02 3-30 days forward forward MT PC0461

Glycols

MEG CIF NWE T2 Weekly EUR AAUWV00 AAUWV03 Spot CIF NWE 3-30 days forward 1000 MT PC0236

MEG CIF NWE T2 Weekly USD PHAJL00 PHBDE03 Spot CIF NWE 3-30 days forward 1000 MT PC0236

MEG FCA NWE USD AAUWW10 AAUWW13 Spot FCA NWE 3-30 days forward 100 MT PC0304

MEG FCA NWE EUR AAUWW00 AAUWW03 Spot FCA NWE 3-30 days forward 100 MT PC0236

MEG FD NWE T2 Weekly EUR HPAJK00 HPBDD03 Spot FD NWE 3-30 days forward 100 MT PC0236

MEG FD NWE T2 Weekly USD HPAJK10 HPAJK13 Spot FD NWE 3-30 days forward 100 MT PC0304

MEG FD NWE CP Weekly EUR HPAJM00 HPBDF03 Contract FD NWE Current month MT PC0236

MEG FD NWE CP Weekly USD HPAJM10 HPAJM13 Contract FD NWE Current month MT PC0304

DEG FCA NWE Weekly EUR AAXCX00 AAXCX03 Spot FCA NWE 3-30 days forward 24 50 MT PC0236

DEG FD NWE Weekly EUR AAXCY00 AAXCY03 Spot FD NWE 3-30 days forward 24 50 MT PC0236

Cracker Margins

Platts Petrochemical Cracker Margin (Spot Price) USD AAXOI00 Spot PC543

Platts Petrochemical Cracker Margin (Spot Price) EUR AAYDE00 Spot PC543

Platts Petrochemical Cracker Margin (Contract Price) USD AAYDF00 Contract PC543

Platts Petrochemical Cracker Margin (Contract Price) EUR AAYDG00 Contract PC543



Olefins

Assessment Window: Assessments are based on the latest information sourced from the market up to the close of the assessment window at 4:30 pm London time each day for daily assessments and 4:30 pm London time Friday or last working day of the week in case of holidays for weekly assessments.

Timing: Platts assesses ethylene, propylene, butadiene, MEG, DEG and crude C4s for delivery within a rolling 3-30 day window from the date of publication. Platts also publishes assessments for delivery of ethylene and propylene within the current month (M1) and next month (M2). M1 and M2 assessments are based on material trading for loading/delivery any time during the specified month and roll on the first of the month. Prompt trades, product delivered within 48 hours of publication date, are recorded for information purposes but are not considered in the assessment process because of the possibility of price distortion.

For all daily assessments Platts also publishes weekly averages on the last working day of the week.

Ethylene

Basis and Locations: Spot prices are published daily in Eur/mt and $/mt FD NWE and in $/mt CIF NWE. CIF Med prices are assessed weekly in $/mt and reflect deliveries in the Western Mediterranean ports, including those on the West Coast of Italy and southern France.

A monthly contract price is published weekly in Eur/mt and $/mt FD NWE and is updated on the first day of the settlement month, once Platts has information that two independent producers and two independent consumers have agreed the same price. In the event that there is more than one price settlement, Platts may decide to publish an average of these price settlements.

Mode of Transport: Pipeline, truck or railcars for FD assessments. Vessel for CIF assessments.

Standard Cargo Size: For bulk assessments (CIF), at least 1,000mt. For inland assessments (FD) at least 100mt.

Product Specifications: Minimum purity of 99.9%.

Propylene

Basis and Locations: Spot prices are published in Eur/mt FD NWE and CIF NWE daily for polymer grade and weekly for chemical grade.

A monthly contract price is published weekly in Eur/mt FD NWE and is updated on the first day of the settlement month, once Platts has information that two independent producers and two independent consumers have agreed the same price. In the event that there is more than one price settlement, Platts may decide to publish an average of these price settlements.

Mode of Transport: Pipeline, truck or railcars for FD assessments. Vessel for CIF assessments.

Standard Cargo Size: For bulk assessments (CIF), at least 1,000mt. For inland assessments (FD) at least 100mt.

Product Specifications: Polymer grade - minimum purity of 99.5%. Chemical grade - minimum purity of 94%.

Ethylene/Propylene Indicators

Platts Ethylene and Propylene Indicators are published daily and reflect calculated or industry-settled gross contract prices for the month ahead in Eur/mt on a FD NWE basis. Platts uses a rolling regression model to calculate the contract price in the absence of confirmed settlements. The month rolls on the first of each month.

The independent variables used in the rolling regression model are the differences between the latest 10-day averages and the 10-day averages since the last settlement for four published daily prices. The independent variables are:

■■ Platts month-ahead ethylene spot price;

■■ Platts month-ahead propylene spot price;

■■ Platts naphtha M1 swap price;

■■ Platts benzene CIF ARA M2 price.

Platts Petrochemical Cracker Margin

Platts Petrochemicals Cracker Margin (PCM) spot and contract calculations are published daily in $/mt and in Eur/mt. The PCM aims to provide a basic calculation of the petrochemicals margins of steam cracker operators in Europe.

The variables used in the calculation of the spot PCM include:

■■ Platts naphtha CIF NWE cargoes;

■■ Ethylene FD NWE (3-30 days forward, converted to US dollar);

■■ Propylene FD NWE (3-30 days forward, converted to US dollar);

■■ Butadiene FD NWE (3-30 days forward, converted to US dollar);

■■ Benzene CIF ARA (5-30 days forward);

■■ Gasoline 10 ppm FOB Rotterdam barge;

■■ Low-sulfur fuel oil 1% CIF NWE.

The variables used in the calculation of the contract PCM include ethylene, propylene, benzene and butadiene monthly



contract prices and cumulative monthly averages of the respective feedstocks.

The euro-dollar exchange rate (BCADD00) is published on PCA106.

The PCM spot formula is as follows:

PCM = 0.96*Ethylene FD NWE + 0.54*Propylene FD NWE + 0.19*Benzene CIF ARA + 0.17*Butadiene FD NWE +0.55*Gasoline 10 ppm FOB Rdam barge + (-0.0935*LSFO 1% CIF NWE) + (-3.13*Naphtha CIF NWE cargo).

Butadiene

Basis and Locations: Spot prices are published daily in Eur/mt FD NWE and in $/mt FOB Rotterdam.

A monthly contract price is published daily in Eur/mt and $/mt FD NWE and is updated on the first day of the settlement month, once Platts has information that two independent producers and two independent consumers have agreed the same price. In the event that there is more than one price settlement, Platts may decide to publish an average of these price settlements.

Mode of Transport: Pipeline, truck or railcars for FD

assessments. Vessel for FOB assessments.

Standard Cargo Size: For bulk assessments (FOB), at least 1,000mt. For distribution assessments (FD) at least 100mt.


Crude C4s

Basis and Locations: Spot prices are assessed weekly in $/mt CIF NWE.

Standard Cargo Size: At least 1,000mt.

Product Specifications: Typical contents of 43% butadiene and 25% isobutylene.

Crude C4s factor: The factor to naphtha expresses the ratio between the weekly crude C4s assessments and the CIF ARA physical naphtha assessment [PAAAL00] on the same day.

Monoethylene Glycol (MEG)

Basis and Locations: Spot prices are published weekly in Eur/mt and $/mt FD NWE, Free Carrier NWE and CIF NWE. FD NWE assessments reflect delivery to consumers in Germany, the UK, northern France, Belgium and the Netherlands.

A monthly contract price is published weekly when available, in Eur/mt FD NWE, and is updated once Platts has information that two independent producers and two independent consumers have agreed the same price. In the event that there is more than one price settlement, Platts may decide to publish an average of these price settlements.

Spot and contract price assessments are for T2 product, i.e. duty paid for European-qualified material.

Standard Cargo Size: For bulk assessments (CIF) at least 1,000mt. For distribution assessments (FD) at least 100mt.


Diethylene Glycol (DEG)

Basis and Locations: Spot prices are published weekly in Eur/mt FD NWE and FCA NWE. All assessments are duty paid or T2.

Standard Cargo Size: 24-50 mt.




AROMATICS AND METHANOLPC Page

Assessment Currency Code Mavg WavgCur conv

Contract type

Contract basis

Location Delivery periodMin size

Max size

UOM Conv Code Mavg Wavg

Benzene

Benzene CIF ARA USD AAOAX00 AAOAX03 AAOAX05 - Spot CIF ARA 5-30 days forward 1000 1000 MT PC0317 PC0432 PC0320

Benzene FOB Rotterdam USD PHAAJ00 PHBFJ03 PHAVP04 - Spot FOB Rotterdam 5-30 days forward 1000 1000 MT PC0317 PC0432 PC0320

Benzene CIF ARA Mo01 USD AAOQQ00 AAOQQ03 AAOQQ05 - Spot CIF ARAwithin the current month or the next calendar month if assessment date falls in the last five working days of the month

1000 1000 MT PC0317 PC0432 PC0320

Benzene CIF ARA Mo02 USD AAOQR00 AAOQR03 AAOQR05 - Forward CIF ARAwithin the 2nd month or within the 3rd month if assessment date falls in the last five working days of the month

1000 1000 MT PC0317 PC0432 PC0320

Benzene CIF ARA Mo03 USD AAIBH00 AAIBG00 - - Forward CIF ARAwithin the 3rd month or within the 4th month if assessment date falls in the last five working days of the month

1000 1000 MT PC0060

Benzene CIF ARA Mo04 USD AAIBJ00 AAIBI00 - - Forward CIF ARAwithin the 4th month or within the 5th month if assessment date falls in the last five working days of the month

1000 1000 MT PC0060

Benzene CIF ARA Mo05 USD AAIBL00 AAIBK00 - - Forward CIF ARAwithin the 5th month or within the 6th month if assessment date falls in the last five working days of the month

1000 1000 MT PC0060

Benzene CIF ARA CP USD AAPZE00 - - - Contract CIF ARA Current month MT PC0317

Benzene CIF ARA CP EUR AAKJB00 - - - Contract CIF ARA Current month MT PC0317

Bneznen CIF ARA CP indicator USD HPBJQ00 Contract CIF ARA Next month MT PC0318

Toluene

Toluene CIF ARA USD TLEAA00 TLEAA03 TLEAA04 - Spot CIF ARA 5-30 days forward 1000 MT PC0377 PC0432 PC0324

Toluene CIF ARA Mo01 USD TLEAB00 TLEAB03 TLEAB04 - Spot CIF ARAwithin the current month or the next calendar month if assessment date falls in the last five working days of the month

1000 MT PC0377 PC0432 PC0324

Toluene CIF ARA Mo02 USD TLEAC00 TLEAC03 TLEAC04 - Forward CIF ARAwithin the 2nd month or within the 3rd month if assessment date falls in the last five working days of the month

1000 MT PC0377 PC0432 PC0324

Toluene TDI FOB ARA USD AASFD00 AASFD03 AASFD04 - Spot FOB ARA 5-30 days forward 1000 2000 MT PC0377 PC0432 PC0324

Toluene TDI FOB ARA Mo01 USD AASFF00 AASFF03 AASFF04 - Spot FOB ARAwithin the current month or the next calendar month if assessment date falls in the last five working days of the month

1000 2000 MT PC0377 PC0432 PC0324

Toluene TDI FOB ARA Mo02 USD AASFJ00 AASFJ03 AASFJ04 - Forward FOB ARAwithin the 2nd month or within the 3rd month if assessment date falls in the last five working days of the month

1000 2000 MT PC0377 PC0432 PC0324

Toluene CIF ARA Mo01 spread to EBOB FOB ARA swap

USD TLPRA00 TLPRA03 TLPRA04 - Spot CIF ARAwithin the current month or the next calendar month if assessment date falls in the last five working days of the month

1000 MT PC0377 PC0432 PC0324

Toluene CIF ARA Mo02 spread to EBOB FOB ARA swap

USD TLPRB00 TLPRB03 TLPRB04 - Forward CIF ARAwithin the 2nd month or within the 3rd month if assessment date falls in the last five working days of the month

1000 MT PC0377 PC0432 PC0324

Paraxylene

Paraxylene FOB ARA USD AAILD00 AAIOR00 AAIVB00 Spot FOB ARA 5-30 days forward 1000 1000 MT PC0375 PC0432 PC0444

Paraxylene FD NWE CP EUR AALHZ00 Contract FD NWE Current month MT PC0375

Paraxylene FOB ARA Mo01 USD AASDB00 AASDB03 AASDB01 Spot FOB ARAwithin the current month or the next calendar month if assessment date falls in the last five working days of the month

1000 1000 MT PC0375 PC0432 PC0444

Paraxylene FOB ARA Mo02 USD AASDC00 AASDC03 AASDC01 Spot FOB ARAwithin the 2nd month or within the 3rd month if assessment date falls in the last five working days of the month

1000 1000 MT PC0375 PC0432 PC0444

Paraxylene FD NWE CP USD AALHZ10 Contract FD NWE Current month MT PC0375



AROMATICS AND METHANOLPC Page

Assessment Currency Code Mavg WavgCur conv

Contract type

Contract basis

Location Delivery periodMin size

Max size

UOM Conv Code Mavg Wavg

Orthoxylene

Orthoxylene FOB ARA USD PHABK00 PHBFR03 PHABK04 Spot FOB ARA 5-30 days forward 1000 1000 MT PC0332 PC0432 PC0444

Orthoxylene NWE CP USD HPABJ10 HPABJ13 Contract FD NWE Current month MT PC0332

Orthoxylene NWE CP EUR HPABJ00 HPBFS03 Contract FD NWE Current month MT PC0332

Mixed Xylenes

Mixed Xylene CIF ARA USD MXEEA00 MXEAA03 MXEAA04 Spot CIF ARA 5-30 days forward 1000 MT PC0328 PC0432 PC0444

Mixed Xylene CIF ARA Mo01 USD MXEAB00 MXEAB03 MXEAB04 - Spot CIF ARAwithin the current month or the next calendar month if assessment date falls in the last five working days of the month

1000 MT PC0328 PC0432 PC0444

Mixed Xylene CIF ARA Mo02 USD MXEAC00 MXEAC03 MXEAC04 - Forward CIF ARAwithin the 2nd month or within the 3rd month if assessment date falls in the last five working days of the month

1000 MT PC0328 PC0432 PC0444

Mixed Xylene FOB ARA USD PHABD00 PHBFQ03 PHABD04 Spot FOB ARA 5-30 days forward 1000 1000 MT PC0328 PC0432 PC0444

Mixed Xylene CIF ARA Mo01 spread to EBOB FOB ARA swap

USD MXPRA00 MXPRA03 MXPRA04 - Spot CIF ARAwithin the current month or the next calendar month if assessment date falls in the last five working days of the month

1000 MT PC0328 PC0432 PC0444

Mixed Xylene CIF ARA Mo02 spread to EBOB FOB ARA swap

USD MXPRB00 MXPRB03 MXPRB04 - Forward CIF ARAwithin the 2nd month or within the 3rd month if assessment date falls in the last five working days of the month

1000 MT PC0328 PC0432 PC0444

Styrene

Styrene FOB ARA USD AAOQP00 AAOQP03 AAOQP05 Spot FOB ARA 5-30 days forward 1000 1000 MT PC0376 PC0444 PC0338

Styrene FOB ARA Mo01 USD AAVOQ00 AAVOQ03 AAVOQ04 Spot FOB ARAwithin the current month or the next calendar month if assessment date falls in the last five working days of the month

1000 1000 MT PC0376 PC0444 PC0338

Styrene FOB ARA Mo02 USD AAVOR00 AAVOR03 AAVOR04 Forward FOB ARAwithin the 2nd month or within the 3rd month if assessment date falls in the last five working days of the month

1000 1000 MT PC0376 PC0444 PC0338

Styrene FOB ARA Barge CP EUR AAVXH00 AAVXH03 Contract FOB ARA Current month MT PC0376

Methanol

Methanol T2 FOB Rotterdam EUR HPACQ00 HPBGB03 HPACQ01 Spot FOB Rotterdam 5-30 days forward 1000 1000 MT PC1160 PC0444 PC0346

Methanol T2 FOB Rotterdam USD HPACQ10 HPACQ13 HPACQ14 Spot FOB Rotterdam 5-30 days forward 1000 1000 MT PC1160 PC0346

Methnaol T2 FOB Weekly Rotterdam

USD HPACQ03 Spot FOB Rotterdam 5-30 days forward 1000 1000 MT

Methanol Quarterly Contract EUR HPACO00 HPBGC03 Contract FD NWE Current quarter MT PC1160

Methanol Quarterly Contract USD HPACO10 HPACO13 Contract FD NWE Current quarter MT PC1160



Aromatics and methanol

Assessment Window: Assessments for Northwest Europe benzene, toluene, styrene, paraxylene, mixed xylenes, orthoxylene, and methanol are based on the latest information from the market up to the close of the daily assessment window at 4:30 pm London time.

Timing: Assessments for BTX, styrene, and methanol reflect material loading/for delivery in a rolling 5-30 day window from the date of publication. Benzene, toluene, styrene, paraxylene, orthoxylene, mixed xylenes and methanol are assessed daily. A weekly average of the daily assessments for these products is also published on an ARA and Rotterdam basis.

Platts publishes Europe benzene, toluene, mixed xylenes, paraxylene and styrene assessments for delivery within the current month (M1) and second month (M2). M1 and M2 assessments are based on material trading for loading/delivery any time during the specified month.

Platts also publishes assessments for benzene which reflect monthly forward physical delivery within the third (M3), fourth (M4) and fifth months (M5).

All assessments roll forward five London working days prior to the first working day of the next month. For example, in March 2018 the M1 price reflects material delivered any time in March. On March 23, the assessment laycan rolls and April becomes the prompt month (M1).

Aromatics MOC window guidelines: Platts publishes European aromatics bids and offers which reflect full calendar month, half-month and balance-of-the-month loading/delivery dates only, in line with standard market practice. Orders with loading/delivery dates stretching over more than one month are no longer considered due to their restrictive nature.

In CIF markets, Platts also accepts bids and offers for dated parcels in no shorter than 10-day strips, which allows buyers

greater certainty over dates. Participants should allow at least five clear calendar days nomination period. These guidelines are applicable to toluene, mixed xylenes, paraxylene, orthoxylene, benzene and styrene bids and offers in Europe. For applicable assessments, Platts reflects bids, offers and intentions to trade whereby the seller commits to provide a minimum 1,000 mt parcel delivered CIF ARA on a barge. The buyer should not unreasonably withhold the option for delivery on a larger vessel and the seller commits to demurrage and laytime commensurate to delivery of a 1,000 mt barge.

Benzene

Basis and Locations: Spot prices are assessed daily in $/mt FOB Rotterdam and CIF Amsterdam-Rotterdam-Antwerp and reflect T2 (duty paid for European-qualified) material.

The forward curve assessments, reflecting M2, M3, M4, M5, are in $/mt CIF ARA.

Monthly contract prices are published daily in Eur/mt and $/mt CIF ARA and are updated at the start of the settlement month, once Platts has obtained information that at least two independent buyers and two independent sellers have agreed the same price. The $/mt price is based on the European Central Bank euro daily reference rate of the day prior to the date of settlement to convert to dollars, as agreed between contract counterparties. In the event that there is more than one price settlement, Platts may decide to publish an average of these price settlements.

Platts Benzene CIF ARA CP Indicator is published daily and reflects calculated or industry-settled net contract prices for the month ahead. Platts uses a simple rolling five-day average of the assessment for benzene delivered in the month ahead to calculate the front month contract price in the absence of confirmed settlements. Specifically, Platts uses the M2 CIF ARA benzene price [AAOQR00] in its calculations with the exception of the last five working ways of the month when the contract

price indicator is calculated on the basis of M1 CIF ARA benzene [AAOQQ00]. This reflects the time at which the M1 assessment rolls from the existing month to the following month.

Standard Cargo Size: 1,000mt.

Product Specifications: Product must conform to ASTM D-2359.

Toluene

Basis and Location: Spot prices are assessed daily in $/mt CIF Amsterdam-Rotterdam-Antwerp, and FOB Amsterdam-Rotterdam-Antwerp for TDI grade. All assessments reflect T2 (duty paid for European-qualified) material. FOB prices are assessed at parity with CIF values. Platts also publishes daily M1 and M2 CIF ARA spreads to corresponding Eurobob FOB ARA gasoline swaps [ABWFC00 for M1, ABWFD00 for M2].

Standard Cargo Size: For FOB ARA, 1,000-2,000mt. For CIF ARA, 1,000mt.

Product Specifications: Product must conform to D5606 latest edition, with a minimum purity of 99.9%.

(See appendix for full TDI-grade toluene specifications)

Paraxylene

Basis and Location: Spot prices are assessed daily in $/mt FOB Amsterdam-Rotterdam-Antwerp and reflect T2 (duty paid for European-qualified) material.

A monthly contract is published daily when available, in Eur/mt FD NWE, and is updated once Platts has information that two independent buyers and two independent sellers have agreed the same price. In the event that there is more than one price settlement, Platts may decide to publish an average of these price settlements.





Orthoxylene


A monthly contract is published daily when available, in Eur/mt FD NWE, and is updated once Platts has information that two independent buyers and two independent sellers have agreed the same price. In the event that there is more than one price settlement, Platts may decide to publish an average of these price settlements.


Product Specifications: Minimum purity of 98% and a maximum 0.3% non-aromatics content.

Mixed Xylenes

Basis and Location: Spot prices are assessed daily in $/mt CIF Amsterdam-Rotterdam-Antwerp and FOB Amsterdam-Rotterdam-Antwerp. All assessments reflect T2 (duty paid for European-qualified) material. FOB prices are assessed at parity

with CIF values. Platts also publishes daily M1 and M2 CIF ARA spreads to corresponding Eurobob FOB ARA gasoline swaps [ABWFC00 for M1, ABWFD00 for M2].


Product Specifications: Product conforming to the latest edition of ASTM D-843, with one or more isomers removed; the non-aromatics content set at the maximum of 2% and the maximum ethylbenzene content at 20%. There are no limits on metaxylene, paraxylene and orthoxylene content.

(See appendix for full MX specifications)

Styrene


A monthly contract is published daily in Eur/mt FOB ARA and is updated at the start of the settlement month, once Platts has information that two independent buyers and two independent sellers have agreed the same price. In the event that there is more than one price settlement, Platts may decide to publish an average of these price settlements.


Product Specification: Product must conform to ASTM D-2827 latest edition, with a minimum purity of 99.7%.

Methanol

Basis and Location: Spot prices are assessed daily in Eur/mt FOB Rotterdam and reflect T2 (duty paid for European-qualified) material.

A quarterly contract price is published daily in Eur/mt FOB Rotterdam and is updated at the start of the settlement quarter, once Platts has information that at least two independent buyers and two independent sellers have agreed the same price. In the event that there is more than one price settlement, Platts may decide to publish an average of these price settlements.


Product Specification: Product must conform to the International Methanol Producers and Consumers Association (IMPCA) Reference Specification (http://www.impca.be).

http://www.impca.be



GASOLINE COMPONENTSPC Page

Assessment CURRENCY CODE Mavg Wavg CONTRACT TYPE CONTRACT BASIS LOCATION DELIVERY PERIOD MIN SIZE MAX SIZE UOM CODE Mavg Wavg

MTBE

MTBE FOB ARA USD PHALA00 PHBFZ03 PHALA04 Spot FOB ARA 3-15 days or 5-15 days forward 1000 1000 MT PC0318 PC0342

MTBE FOB ARA (cents/gal) USD cents AAWLE00 Spot FOB ARA 3-15 days or 5-15 days forward 3550 3550 Gal PC0318

MTBE factor PHALA02 PHALA03 PHALA14 ARA PC0318 PC0444 PC0342

ETBE

ETBE USD AASLQ00 AASLQ03 AASLQ01 Spot FOB AR 3-15 days or 5-15 days forward 1000 1000 MT PB1420 PB1422 PB1011

ETBE Premium USD AASLQ02 AASLQ13 AASLQ04 Spot FOB AR 3-15 days or 5-15 days forward 1000 1000 MT PB1420 PB1011

Raffinate - 1

Raffinate - 1 Weekly USD PHAFY00 PHBCU03 Spot CIF NWE 3-30 days forward 1000 1000 MT PC0316

Raffinate - 1 Weekly Factor PHAFY02 Spot CIF NWE 3-30 days forward 1000 1000 MT PC0316

Gasoline components

MTBE

Assessment Window: Assessments are based on the latest information from the market up to the close of the daily assessment window at 4:30 pm London time. The MTBE Market-on-Close assessment process is facilitated through the eWindow technology. For further details please consult the Petrochemicals Timing and Increment Guidelines on www.platts.com.

Timing: MTBE assessments reflect material loading in a rolling 3-15 (Monday-Tuesday) or 5-15 (Wednesday through Friday) days forward window from the date of publication.


Standard cargo size: 1,000mt.

Product Specifications: Minimum purity of 98%, maximum water content of 1,000 ppm and maximum methanol content of 1.5% of the total weight.

MTBE factor: The MTBE to gasoline factor expresses the ratio between daily MTBE assessments basis FOB ARA and the Eurobob FOB Rotterdam assessment [AAQZV00].

ETBE

Assessment Window: Assessments are based on the latest information from the market up to the close of the daily assessment window at 4:30 pm London time.

Timing: ETBE assessments reflect material loading in a rolling 3-15 (Monday-Tuesday) or 5-15 (Wednesday through Friday) days forward window from the date of publication.

Basis and Locations: Spot prices are assessed daily in $/mt FOB Amsterdam-Rotterdam (FOB AR) and reflect T2 (duty paid for European-qualified) material.

Standard cargo size: 1,000mt.

Product Specifications: Minimum purity of 95%.

Sustainability Criteria: Platts only reflects bids, offers and expressions of interest to trade for product that satisfies the

sustainability criteria defined in article 17 of the Directive 2009/28/EC. Sellers must demonstrate compliance, and buyers hold a right to audit the sustainability documentation. For more details, refer to the appendix.

Raffinate – 1

Assessment Window: Assessments are based on the latest information from the market up to the close of the assessment window at 4:30 pm London time Friday or last working day of the week in case of holidays.

Timing: Assessments reflect material loading 3-30 days forward from the day of publication.

Basis and Locations: Prices are in $/mt CIF NWE.

Standard cargo size: Minimum 1,000mt.

Product Specifications: For product with a minimum isobutene content of 35%.

Raffinate-1 factor: The factor expresses the ratio between the assessment basis CIF NWE and CIF ARA physical naphtha [PAAAL00].



POLYMERSPC Page

Assessment CURRENCY CODE Mavg Wavg CONTRACT TYPE CONTRACT BASIS LOCATION DELIVERY PERIOD MIN SIZE (mt) MAX SIZE UOM CODE Mavg Wavg

Polyethylene

HDPE B/Mldg CFR North Africa Weekly USD AAVWI00 AAVWS00 Spot CFR Mediterranean 15-45 days forward 100 500 MT PC0239

HDPE Blowmolding CFR West Africa USD ABAAI04 ABAAI03 Spot CFR Mediterranean 15-45 days forward 100 500 MT pc239

HDPE B/Mldg CFR Russia Weekly EUR AAUMV00 AAUMV03 Spot CFR Russia 3-30 days forward MT PC0239

HDPE B/Mldg CFR Turkey Weekly USD AAWXO00 AAWXO03 Spot CFR Mediterranean 3-30 days forward MT PC0239

HDPE B/Mldg FCA Antwerp Spot Weekly EUR AAVKE00 AAVKE03 Spot FCA Northwest Europe 3-30 days forward 100 MT PC0239

HDPE B/Mldg FD Britain CP Weekly GBP PHAMI00 PHBEG03 Contract FD Northwest Europe Current month MT PC0240 PC0443

HDPE B/Mldg FD NWE CP Weekly USD PHAHH00 PHBBD03 Contract FD Northwest Europe Current month MT PC0263

HDPE B/Mldg FD NWE Spot Weekly EUR AALUF00 AALUG00 Spot FD Northwest Europe 3-30 days forward 100 MT PC0239

HDPE B/Mldg FOB NWE Weekly USD PHAHI00 PHBBE03 Spot FOB Northwest Europe 3-30 days forward 300 MT PC0239

HDPE B/Mldg FD France CP Weekly EUR HPAMH00 HPBEF03 Contract FD Northwest Europe Current month MT PC0240 PC0443

HDPE B/Mldg FD Germany CP Weekly EUR HPAME00 HPBEC03 Contract FD Northwest Europe Current month MT PC0240 PC0443

HDPE B/Mldg FD Holland CP Weekly EUR HPAMF00 HPBED03 Contract FD Northwest Europe Current month MT PC0240 PC0443

HDPE B/Mldg FD Italy CP Weekly EUR HPAMG00 HPBEE03 Contract FD Mediterranean Current month MT PC0240 PC0443

HDPE B/Mldg FD Spain CP Weekly EUR HPAWE04 HPAWF03 Contract FD Mediterranean Current month MT PC0240 PC0443

HDPE Film CFR North Africa Weekly USD AAVWH00 AAVWH03 Spot CFR Mediterranean 15-45 days forward 100 500 MT PC0239

HDPE Film CFR West Africa Weekly USD ABAAK04 ABAAK03 Spot CFR Mediterranean 15-45 days forward 100 500 MT pc239

HDPE Film CFR Russia Weekly EUR AAUMW00 AAUMW03 Spot CFR Russia 3-30 days forward MT PC0239

HDPE Film CFR Turkey Weekly USD AAWXP00 AAWXP03 Spot CFR Mediterranean 3-30 days forward MT PC0239

HDPE Film FCA Antwerp Spot Weekly EUR AAVKF00 AAVKF03 Spot FCA Northwest Europe 3-30 days forward 100 MT PC0239

HDPE Film FD Britain CP Weekly GBP PHAVL00 PHAVM03 Contract FD Northwest Europe Current month MT PC0240 PC0443

HDPE Film FD NWE CP Weekly USD PHAVD00 PHAVE03 Contract FD Northwest Europe Current month MT PC0263

HDPE Film FD NWE Spot Weekly EUR AALUH00 AALUI00 Spot FD Northwest Europe 3-30 days forward 100 MT PC0239

HDPE Film FOB NWE Weekly USD PHAVB00 PHAVC03 Spot FOB Northwest Europe 3-30 days forward 300 MT PC0239

HDPE Film FD France CP Weekly EUR HPAVN00 HPAVO03 Contract FD Northwest Europe Current month MT PC0240 PC0443

HDPE Film FD Germany CP Weekly EUR HPAVF00 HPAVG03 Contract FD Northwest Europe Current month MT PC0240 PC0443

HDPE Film FD Holland CP Weekly EUR HPAVH00 HPAVI03 Contract FD Northwest Europe Current month MT PC0240 PC0443

HDPE Film FD Italy CP Weekly EUR HPAVJ00 HPAVK03 Contract FD Mediterranean Current month MT PC0240 PC0443

HDPE Film FD Spain CP Weekly EUR HPAWG04 HPAWH03 Contract FD Mediterranean Current month MT PC0240 PC0443

HDPE HMW 2-5 FD Britain CP Weekly GBP AAVJV00 AAVJV03 Contract FD Northwest Europe Current month MT PC0240 PC0443

HDPE HMW 2-5 FD France CP Weekly EUR AAVJU00 AAVJU03 Contract FD Northwest Europe Current month MT PC0240 PC0443

HDPE HMW 2-5 FD Germany CP Weekly EUR AAVJR00 AAVJR03 Contract FD Northwest Europe Current month MT PC0240 PC0443

HDPE HMW 2-5 FD Holland CP Weekly EUR AAVJS00 AAVJS03 Contract FD Northwest Europe Current month MT PC0240 PC0443

HDPE HMW 2-5 FD Italy CP Weekly EUR AAVJW00 AAVJW03 Contract FD Mediterranean Current month MT PC0240 PC0443

HDPE HMW 2-5 FD NWE CP Weekly USD AAVJT00 AAVJT03 Contract FD Northwest Europe Current month MT PC0263

HDPE HMW 2-5 FD Spain CP Weekly EUR AAVJZ00 AAVJZ03 Contract FD Mediterranean Current month MT PC0240 PC0443



POLYMERSPC Page


HDPE HMW 5-10 FD Britain CP Weekly GBP AAVPE00 AAVPE03 Contract FD Northwest Europe Current month MT PC0240 PC0443

HDPE HMW 5-10 FD France CP Weekly EUR AAVPD00 AAVPD03 Contract FD Northwest Europe Current month MT PC0240 PC0443

HDPE HMW 5-10 FD Germany CP Weekly EUR AAVPA00 AAVPA03 Contract FD Northwest Europe Current month MT PC0240 PC0443

HDPE HMW 5-10 FD Holland CP Weekly EUR AAVPB00 AAVPB03 Contract FD Northwest Europe Current month MT PC0240 PC0443

HDPE HMW 5-10 FD Italy CP Weekly EUR AAVPF00 AAVPF03 Contract FD Mediterranean Current month MT PC0240 PC0443

HDPE HMW 5-10 FD NWE CP Weekly USD AAVPC00 AAVPC03 Contract FD Northwest Europe Current month MT PC0263

HDPE HMW 5-10 FD Spain CP Weekly EUR AAVPG00 AAVPG03 Contract FD Mediterranean Current month MT PC0240 PC0443

HDPE Inj CFR North Africa Weekly USD AAVWG00 AAVWG03 Spot CFR Mediterranean 15-45 days forward 100 500 MT PC0239

HDPE Injection CFR West Africa Weekly USD ABAAJ04 ABAAJ03 Spot CFR Mediterranean 15-45 days forward 100 500 MT pc239

HDPE Inj CFR Russia Weekly EUR AAUMU00 AAUMU03 Spot CFR Russia 3-30 days forward MT PC0239

HDPE Inj CFR Turkey Weekly USD AAWXN00 AAWXN03 Spot CFR Mediterranean 3-30 days forward MT PC0239

HDPE Inj FCA Antwerp Spot Weekly EUR AAVKD00 AAVKD03 Spot FCA Northwest Europe 3-30 days forward 100 MT PC0239

HDPE Inj FD Britain CP Weekly GBP PHAMN00 PHBEB03 Contract FD Northwest Europe Current month MT PC0240 PC0443

HDPE Inj FD NWE CP Weekly USD PHAHL00 PHBAY03 Contract FD Northwest Europe Current month MT PC0263

HDPE Inj FD NWE Spot Weekly EUR AALUD00 AALUE00 Spot FD Northwest Europe 3-30 days forward 100 MT PC0239

HDPE Inj FOB NWE Weekly USD PHAHM00 PHBAZ03 Spot FOB Northwest Europe 3-30 days forward 300 MT PC0239

HDPE Inj FD France CP Weekly EUR HPAMM00 HPBEA03 Contract FD Northwest Europe Current month MT PC0240 PC0443

HDPE Inj FD Germany CP Weekly EUR HPAMJ00 HPBDX03 Contract FD Northwest Europe Current month MT PC0240 PC0443

HDPE Inj FD Holland CP Weekly EUR HPAMK00 HPBDY03 Contract FD Northwest Europe Current month MT PC0240 PC0443

HDPE Inj FD Italy CP Weekly EUR HPAML00 HPBDZ03 Contract FD Mediterranean Current month MT PC0240 PC0443

HDPE Inj FD Spain CP Weekly EUR HPAWC04 HPAWD03 Contract FD Mediterranean Current month MT PC0240 PC0443

LLDPE Metallocene C6 FD NWE weekly EUR AAQCZ00 AAQCZ03 Spot FD Northwest Europe 3-30 days forward 100 MT PC268

LLDPE Standard C6 FD NWE weekly EUR AAQCY00 AAQCY03 Spot FD Northwest Europe 3-30 days forward 100 MT PC268

LLDPE G-P CFR Russia Weekly EUR AAUMT00 AAUMT03 Spot CFR Russia 3-30 days forward MT PC0239

LLDPE G-P CFR Turkey Weekly USD AAWXM00 AAWXM03 Spot CFR Mediterranean 3-30 days forward MT PC0268

LLDPE C6 Blown FD NWE CP Weekly EUR AAQCB00 AAQCB03 Contract FD Northwest Europe Current month MT PC0240

LLDPE C6 CSF FD NWE CP Weekly EUR AAQCC00 AAQCC03 Contract FD Northwest Europe Current month MT PC0240

LLDPE G-P CFR North Africa Weekly USD AAVWF00 AAVWF03 Spot CFR Mediterranean 15-45 days forward 100 500 MT PC0239

LLDPE Butene CFR West Africa Weekly USD ABAAH04 ABAAH03 Spot CFR Mediterranean 15-45 days forward 100 500 MT pc239

LLDPE CSF FD Britain CP Weekly GBP AAPFS00 AAPFS03 Contract FD Northwest Europe Current month MT PC0240 PC0443

LLDPE CSF FD France CP Weekly EUR AAPFQ00 AAPFQ03 Contract FD Northwest Europe Current month MT PC0240 PC0443

LLDPE CSF FD Germany CP Weekly EUR AAPFN00 AAPFN03 Contract FD Northwest Europe Current month MT PC0240 PC0443

LLDPE CSF FD Holland CP Weekly EUR AAPFO00 AAPFO03 Contract FD Northwest Europe Current month MT PC0240 PC0443

LLDPE CSF FD Italy CP Weekly EUR AAPFP00 AAPFP03 Contract FD Mediterranean Current month MT PC0240 PC0443

LLDPE CSF FD NWE CP Weekly USD AAPFM00 AAPFM03 Contract FD Northwest Europe Current month MT PC0268

LLDPE CSF FD Spain CP Weekly EUR AAPFR00 AAPFR03 Contract FD Mediterranean Current month MT PC0240 PC0443

LLDPE G-P FD NWE CP Weekly USD PHAGY00 PHBAU03 Contract FD Northwest Europe Current month MT PC0263



POLYMERSPC Page


LLDPE G-P FD Britain CP Weekly GBP PHAMD00 PHBDW03 Contract FD Northwest Europe Current month MT PC0240 PC0443

LLDPE G-P FCA Antwerp EUR AAVKA00 AAVKA03 AAVKA04 Spot FCA Northwest Europe 3-30 days forward 100 MT PC571 PC0573

LLDPE G-P FD France CP Weekly EUR HPAMC00 HPBDV03 Contract FD Northwest Europe Current month MT PC0240 PC0443

LLDPE G-P FD NWE Spot EUR AALUL00 AALUM00 AAQNR00 Spot FD Northwest Europe 3-30 days forward 100 MT PC571 PC0573

LLDPE G-P FD Germany CP Weekly EUR HPALZ00 HPBDS03 Contract FD Northwest Europe Current month MT PC0240 PC0443

LLDPE G-P FD Holland CP Weekly EUR HPAMA00 HPBDT03 Contract FD Northwest Europe Current month MT PC0240 PC0443

LLDPE G-P FD Italy CP Weekly EUR HPAMB00 HPBDU03 Contract FD Mediterranean Current month MT PC0240 PC0443

LLDPE G-P Spain CP Weekly EUR HPAWA04 HPAWB03 Contract FD Mediterranean Current month MT PC0240 PC0443

LDPE G-P CFR North Africa Weekly USD AAVWE00 AAVWE03 Spot CFR Mediterranean 15-45 days forward 100 500 MT PC0239

LDPE G-P CFR West Africa Weekly USD ABAAG04 ABAAG03 Spot CFR Mediterranean 15-45 days forward 100 500 MT pc239 PC0573

LDPE G-P FCA Antwerp EUR AAVKB00 AAVKB03 AAVKB04 Spot FCA Northwest Europe 3-30 days forward 100 MT PC571 PC0573

LDPE G-P FD NWE Spot EUR AALUJ00 AALUK00 AAQNQ00 Spot FD Northwest Europe 3-30 days forward 100 MT PC571

LDPE G-P CFR Russia Weekly EUR AAUMS00 AAUMS03 Spot CFR Russia 3-30 days forward MT PC0239

LDPE G-P CFR Turkey Weekly USD AAWXL00 AAWXL03 Spot CFR Mediterranean 3-30 days forward MT PC0239 PC0443

LDPE G-P FD Britain CP Weekly GBP PHALY00 PHBDR03 Contract FD Northwest Europe Current month MT PC0240

LDPE G-P FD NWE CP Weekly USD PHAHR00 PHBAP03 Contract FD Northwest Europe Current month MT PC0263 PC0443

LDPE G-P FD Spain CP Weekly EUR HPAVY04 HPAVZ03 Contract FD Mediterranean Current month MT PC0240

LDPE G-P FOB NWE Spot Weekly USD PHAHS00 PHBAQ03 Spot FOB Northwest Europe 3-30 days forward 300 MT PC0239 PC0443

LDPE G-P FD France CP Weekly EUR HPALX00 HPBDQ03 Contract FD Northwest Europe Current month MT PC0240 PC0443

LDPE G-P FD Germany CP Weekly EUR HPALU00 HPBDN03 Contract FD Northwest Europe Current month MT PC0240 PC0443

LDPE G-P FD Holland CP Weekly EUR HPALV00 HPBDO03 Contract FD Northwest Europe Current month MT PC0240 PC0443

LDPE FD G-P Italy CP Weekly EUR HPALW00 HPBDP03 Contract FD Mediterranean Current month MT PC0240

LLDPE C6 CSF FD NWE CP Weekly USD AAQCC10 AAQCC13 Contract FD Northwest Europe Current month MT PC0268

LLDPE C6 Blown FD NWE CP Weekly USD AAQCB10 AAQCB13 Contract FD Northwest Europe Current month MT PC0268

Polystyrene

PS G-P FD NWE spot Weekly EUR AALUN00 AALUO00 Spot FD Northwest Europe 3-30 days forward 20 MT PC0276

PS G-P FOB NWE spot Weekly USD PHAIK00 PHBBJ03 Spot FOB Northwest Europe 3-30 days forward 300 MT PC0276

PS G-P NET FD NWE CP Weekly USD AAUEL00 AAUEL03 Contract FD Northwest Europe Current month MT PC0276 PC0443

PS G-P Net FD Britain CP Weekly GBP HPTSC00 HPTSC03 Contract FD Northwest Europe Current month MT PC0276 PC0443

PS G-P Net FD France CP Weekly EUR HPTSA00 HPTSA03 Contract FD Northwest Europe Current month MT PC0276 PC0443

PS G-P Net FD Germany CP Weekly EUR HPTRU00 HPTRU03 Contract FD Northwest Europe Current month MT PC0276 PC0443

PS G-P Net FD Holland CP Weekly EUR HPTRW00 HPTRW03 Contract FD Northwest Europe Current month MT PC0276 PC0443

PS G-P Net FD Italy CP Weekly EUR HPTRY00 HPTRY03 Contract FD Mediterranean Current month MT PC0276 PC0443

PS G-P Net FD Spain CP Weekly EUR HPTSE00 HPTSE03 Contract FD Mediterranean Current month MT PC0276

PS G-P CFR Turkey Weekly USD AAWYN00 AAWYN03 Spot CFR Mediterranean 3-30 days forward MT PC0239

PS G-P CFR North Africa Weekly USD AAVWM00 AAVWM03 Spot CFR Mediterranean 3-30 days forward 100 500 MT PC0239



POLYMERSPC Page


HIPS FD NWE spot Weekly EUR AALUP00 AALUQ00 Spot FD Northwest Europe 3-30 days forward 20 MT PC0276

HIPS FOB NWE spot Weekly USD PHAIQ00 PHBBO03 Spot FOB Northwest Europe 3-30 days forward 300 MT PC0276

HIPS NET FD NWE CP Weekly USD AAUEK00 AAUEK03 Contract FD Northwest Europe Current month MT PC0276 PC0443

HIPS Net FD Britain CP Weekly GBP HPTSD00 HPTSD03 Contract FD Northwest Europe Current month MT PC0276 PC0443

HIPS Net FD France CP Weekly EUR HPTSB00 HPTSB03 Contract FD Northwest Europe Current month MT PC0276 PC0443

HIPS net FD Germany CP Weekly EUR HPTRV00 HPTRV03 Contract FD Northwest Europe Current month MT PC0276 PC0443

HIPS Net FD Holland CP Weekly EUR HPTRX00 HPTRX03 Contract FD Northwest Europe Current month MT PC0276 PC0443

HIPS Net FD Italy CP Weekly EUR HPTRZ00 HPTRZ03 Contract FD Mediterranean Current month MT PC0276 PC0443

HIPS Net FD Spain CP Weekly EUR HPTSF00 HPTSF03 Contract FD Mediterranean Current month MT PC0276

HIPS CFR North Africa Weekly USD AAVWN00 AAVWN03 Spot CFR Mediterranean 3-30 days forward 100 500 MT PC0239

HIPS CFR Turkey Weekly USD AAWYO00 AAWYO03 Spot CFR Mediterranean 3-30 days forward MT PC0239 PC0443

EPS FD Spain CP Weekly EUR AAVKQ00 AAVKQ03 Contract FD Mediterranean Current month MT PC0276 PC0443

EPS FD Britain CP Weekly GBP AAVKP00 AAVKP03 Contract FD Northwest Europe Current month MT PC0276 PC0443

EPS FD France CP Weekly EUR AAVKO00 AAVKO03 Contract FD Northwest Europe Current month MT PC0276 PC0443

EPS FD Germany CP Weekly EUR AAVKL00 AAVKL03 Contract FD Northwest Europe Current month MT PC0276 PC0443

EPS FD Holland CP Weekly EUR AAVKM00 AAVKM03 Contract FD Northwest Europe Current month MT PC0276 PC0443

EPS FD Italy CP Weekly EUR AAVKN00 AAVKN03 Contract FD Mediterranean Current month MT PC0276

EPS FD NWE CP Weekly USD AAVKU00 AAVKU03 Contract FD Northwest Europe Current month MT PC0276

EPS FD NWE Spot Weekly EUR AAVKR00 AAVKR03 Spot FD Northwest Europe 3-30 days forward 20 MT PC0276

EPS FOB NWE Weekly USD AAVKV00 AAVKV03 Spot FOB Northwest Europe 3-30 days forward 300 MT PC0276

EPS CFR Turkey Weekly USD AAVKW00 AAVKW03 Spot CFR Mediterranean 3-30 days forward MT PC0239

Polypropylene

PP Homo injection Germany CP Weekly EUR HPAMY00 HPBER03 Contract FD Northwest Europe Current month MT PC0240 PC0445

PP Homo injection Holland CP Weekly EUR HPAMZ00 HPBES03 Contract FD Northwest Europe Current month MT PC0240 PC0445

PP Homo injection Italy CP Weekly EUR HPANA00 HPBET03 Contract FD Mediterranean Current month MT PC0240 PC0445

PP Homo injection France CP Weekly EUR HPANB00 HPBEU03 Contract FD Northwest Europe Current month MT PC0240 PC0445

PP Homo injection Spain CP Weekly EUR HPAWI04 HPAWJ03 Contract FD Mediterranean Current month MT PC0240 PC0445

PP Homo injection Britain CP Weekly GBP PHANC00 PHBEV03 Contract FD Northwest Europe Current month MT PC0240

PP Homo injection FD NWE CP Weekly USD PHAID00 PHBBS03 Contract FD Northwest Europe Current month MT PC0263 PC0445

PP Copol Germany CP Weekly EUR HPAND00 HPBEW03 Contract FD Northwest Europe Current month MT PC0240 PC0445

PP Copol Holland CP Weekly EUR HPANE00 HPBEX03 Contract FD Northwest Europe Current month MT PC0240 PC0445

PP Copol Italy CP Weekly EUR HPANF00 HPBEY03 Contract FD Mediterranean Current month MT PC0240 PC0445

PP Copol France CP Weekly EUR HPANG00 HPBEZ03 Contract FD Northwest Europe Current month MT PC0240 PC0445

PP Copol Spain CP Weekly EUR HPAWK04 HPAWT03 Contract FD Mediterranean Current month MT PC0240 PC0445

PP Copol Britain CP Weekly GBP PHANH00 PHBFA03 Contract FD Northwest Europe Current month MT PC0240

PP Copol FD NWE CP Weekly USD PHAHX00 PHBCF03 Contract FD Northwest Europe Current month MT PC0263



POLYMERSPC Page


PP Homo Injection FOB NWE Weekly USD PHAIE00 PHBBT03 Spot FOB Northwest Europe 3-30 days forward 300 MT PC0239 PC0573

PP Homo Injection FD NWE EUR AALUR00 AALUS00 AAQNS00 Spot FD Northwest Europe 3-30 days forward 20 MT PC571 PC0573

PP Homo Injection FCA Antwerp EUR AAVKC00 AAVKC03 AAVKC04 Spot FCA Northwest Europe 3-30 days forward 20 MT PC571

PP Homo injection CFR Russia Weekly EUR AAUMX00 AAUMX03 Spot CFR Russia 3-30 days forward 20 MT PC0239

PP Homo injection CFR Turkey Weekly USD AAWXQ00 AAWXQ03 Spot CFR Mediterranean 3-30 days forward MT PC0239

PP Raffia CFR Turkey Weekly USD AAVKG00 AAVKG03 Spot CFR Mediterranean 3-30 days forward MT PC0239

PP Copol FOB NWE Weekly USD PHAHY00 PHBCG03 Spot FOB Northwest Europe 3-30 days forward 300 MT PC0239

PP Copol FD NWE Weekly EUR AALUT00 AALUU00 Spot FD Northwest Europe 3-30 days forward 20 MT PC0239

PP Copol FCA Antwerp Weekly EUR AAVYS00 AAVYS03 Spot FCA Northwest Europe 3-30 days forward 20 MT PC0239

PP Copol CFR Russia Weekly USD AAUMY00 AAUMY03 Spot CFR Russia 3-30 days forward 20 MT PC0239

PP Copol CFR Turkey Weekly USD AAWXR00 AAWXR03 Spot CFR Mediterranean 3-30 days forward MT PC0239

PP Homo Inj CFR North Africa Weekly USD AAVWJ00 AAVWJ03 Spot CFR Mediterranean 15-45 days forward 100 500 MT PC0239

PP Raffia CFR North Africa Weekly USD AAVWK00 AAVWK03 Spot CFR Mediterranean 15-45 days forward 100 500 MT PC0239

PP Copol CFR North Africa Weekly USD AAVWL00 AAVWL03 Spot CFR Mediterranean 15-45 days forward 100 500 MT PC0239

Polypropylene Homo Injection CFR West Africa Weekly

USD ABAAL04 ABAAL03 Spot CFR Mediterranean 15-45 days forward 100 500 MT pc239

Polypropylene Copolymer CFR West Africa Weekly

USD ABAAM04 ABAAM03 Spot CFR Mediterranean 15-45 days forward 100 500 MT pc239

Polypropylene Raffia CFR West Africa Weekly

USD ABAAN04 ABAAN03 Spot CFR Mediterranean 15-45 days forward 100 500 MT pc239

Polyethylene Terephtalate (PET)

Recycled-PET FD NWE Weekly EUR AAVKX00 AAVKX03 Spot FD Northwest Europe 3-30 days 20 MT PC0239

Recycled-PET FD Britain Weekly GBP AAVKY00 AAVKY03 Spot FD Northwest Europe 3-30 days 20 MT PC0239

PET FD NWE Weekly EUR AAXOB00 AAXOB03 Spot FD Northwest Europe 3-30 days 20 MT PC0239

PET FD Britain Weekly EUR AAXOC00 AAXOC03 Spot FD Northwest Europe 3-30 days 20 MT PC0239

PET FD Britain Weekly GBP AAXOD00 AAXOD03 Spot FD Northwest Europe 3-30 days 20 MT PC0239

Recycled-PET FD Britain Weekly EUR AAVKZ00 AAVKZ03 Spot FD Northwest Europe 3-30 days 20 MT PC0239 PC0445

PET Bottle Grade FD France CP Weekly EUR AACVB00 AACVC00 Contract FD Northwest Europe Current month MT PC0240 PC0445

PET Bottle Grade FD Italy CP Weekly EUR AACVI00 AACVK00 Contract FD Mediterranean Current month MT PC0240 PC0445

PET Bottle Grade FD Britain CP Weekly GBP AACVL00 AACVM00 Contract FD Northwest Europe Current month MT PC0240 PC0445

PET Bottle Grade FD Britain CP Weekly EUR AACVN00 AACVO00 Contract FD Northwest Europe Current month MT PC0240

PET Bottle Grade FD NWE CP Weekly EUR AACVR00 AACVS00 Contract FD Northwest Europe Current month MT PC0263 PC0445

PET Bottle Grade FD Spain CP Weekly EUR AACWG00 AACWH00 Contract FD Mediterranean Current month MT PC0240

PET Bottle Grade FD NWE Net CP Weekly EUR AAVLE04 AAVLE03 Contract FD Northwest Europe Current month MT PC0263

PET Bottle Grade FD NWE Net CP Weekly USD AAVLE10 AAVLE13 Contract FD Northwest Europe Current month MT PC0506 PC0445

PET Bottle Grade FD Britain Net CP Weekly

GBP AAVLF04 AAVLF03 Contract FD Northwest Europe Current month MT PC0240 PC0445



POLYMERSPC Page


PET Bottle Grade FD Britain Net CP Weekly

EUR AAVLG04 AAVLG03 Contract FD Northwest Europe Current month MT PC0240

APET Film Grade FD NWE CP Weekly EUR AACWV00 AACWW00 Contract FD Northwest Europe Current month MT PC0263

APET Film Grade FD NWE Net CP Weekly EUR AAVLH04 AAVLH03 Contract FD Northwest Europe Current month MT PC0263

Polyvinyl Chloride (PVC)

PVC Susp FOB NWE Spot Weekly USD PHAIW00 PHBAL03 Spot FOB Northwest Europe 3-30 days 300 - MT PC0239

PVC Susp FD NWE Spot Weekly EUR AALUV00 AALUW00 Spot FD Northwest Europe 3-30 days 20 - MT PC0239 PC0442

PVC Susp CFR Russia Spot Weekly USD AAXCK00 AAXCK03 Spot CFR Russia 3-30 days - MT PC0239

PVC Susp CFR Russia Weekly EUR AAUMR00 AAUMR03 Spot CFR Russia 3-30 days - MT PC0239

PVC Susp CFR Turkey Weekly USD AAWXK00 AAWXK03 Spot CFR Mediterranean 3-30 days - MT PC0239 PC0443

PVC Susp FD Germany CP Gross Weekly EUR HPALP00 HPBDI03 Contract FD Northwest Europe Current month - MT PC0240 PC0443

PVC Susp FD Holland CP Gross Weekly EUR HPALQ00 HPBDJ03 Contract FD Northwest Europe Current month - MT PC0240 PC0443

PVC Susp FD Italy CP Gross Weekly EUR HPALR00 HPBDK03 Contract FD Mediterranean Current month - MT PC0240 PC0443

PVC Susp FD France CP Gross Weekly EUR HPALS00 HPBDL03 Contract FD Northwest Europe Current month - MT PC0240 PC0443

PVC Susp FD Spain CP Gross Weekly EUR HPAVW04 HPAVX03 Contract FD Mediterranean Current month - MT PC0240 PC0443

PVC Susp FD Britain CP Gross Weekly GBP PHALT00 PHBDM03 Contract FD Northwest Europe Current month - MT PC0240

PVC Susp FD NWE CP Weekly USD PHAIV00 PHBAK03 Contract FD Northwest Europe Current month - MT PC0260 PC0443

PVC Susp FD Germany CP Net Weekly EUR AAXCE00 AAXCE03 Contract FD Northwest Europe Current month - MT PC0240 PC0443

PVC Susp FD Holland CP Net Weekly EUR AAXCF00 AAXCF03 Contract FD Northwest Europe Current month - MT PC0240 PC0443

PVC Susp FD Italy CP Net Weekly EUR AAXCG00 AAXCG03 Contract FD Mediterranean Current month - MT PC0240 PC0443

PVC Susp FD France CP Net Weekly EUR AAXCH00 AAXCH03 Contract FD Northwest Europe Current month - MT PC0240 PC0443

PVC Susp FD Spain CP Net Weekly EUR AAXCJ00 AAXCJ03 Contract FD Mediterranean Current month - MT PC0240 PC0443

PVC Susp FD Britain CP Net Weekly GBP AAXCI00 AAXCI03 Contract FD Northwest Europe Current month - MT PC0240

Acrylonitrile Butadiene Styrene (ABS)

ABS Auto Black Spain CP Weekly EUR HPAWR04 HPAWS03 Contract FD Mediterranean Current month MT PC0240 PC0445

ABS Auto Black Italy CP Weekly EUR HPANN00 HPBFG03 Contract FD Mediterranean Current month MT PC0240 PC0445

ABS Auto Black Germany CP Weekly EUR HPANM00 HPBFF03 Contract FD Northwest Europe Current month MT PC0240 PC0445

ABS Auto Black France CP Weekly EUR HPANO00 HPBFH03 Contract FD Northwest Europe Current month MT PC0240 PC0445

ABS Auto Black FD Britain CP Weekly GBP PHANP00 PHBFI03 Contract FD Northwest Europe Current month MT PC0240 PC0445

ABS Average Color Italy Weekly EUR HPANJ00 HPBHM03 Contract FD Mediterranean Current month MT PC0240 PC0445

ABS Average Avg Color Spain CP Weekly EUR HPAWP04 HPAWQ03 Contract FD Mediterranean Current month MT PC0240 PC0445

ABS Average Color Germany CP Weekly EUR HPANI00 HPBFB03 Contract FD Northwest Europe Current month MT PC0240 PC0445

ABS Average Color France CP Weekly EUR HPANK00 HPBFD03 Contract FD Northwest Europe Current month MT PC0240 PC0445

ABS Average Color FD Britain CP Weekly GBP PHANL00 PHBFE03 Contract FD Northwest Europe Current month MT PC0240

ABS Avg Color FD NWE Contract CP Weekly

USD PHAHD00 Contract FD Northwest Europe Current month MT PC0263 PC0445



POLYMERSPC Page


ABS GP/Nat FD Spain CP Weekly EUR AAQCP00 AAQCP03 Contract FD Mediterranean Current month MT PC0240 PC0445

ABS GP/Nat FD Italy CP Weekly EUR AAQCN00 AAQCN03 Contract FD Mediterranean Current month MT PC0240 PC0445

ABS GP/Nat FD Germany CP Weekly EUR AAQCL00 AAQCL03 Contract FD Northwest Europe Current month MT PC0240 PC0445

ABS GP/Nat FD France CP Weekly EUR AAQCO00 AAQCO03 Contract FD Northwest Europe Current month MT PC0240 PC0445

ABS GP/Nat FD Britain CP Weekly GBP AAQCQ00 AAQCQ03 Contract FD Northwest Europe Current month MT PC0240

ABS GP/Nat CFR NWE Weekly Spot USD AAQCR00 AAQCR03 Spot CFR Northwest Europe 3-30 days forward 300 MT PC0239

ABS GP/Nat FD NWE Weekly EUR AAQCT00 AAQCT03 Spot FD Northwest Europe 3-30 days forward 20 MT PC0239

ABS GP/Nat FD NWE CP Weekly USD AAQCS00 AAQCS03 Contract FD Northwest Europe Current month MT PC0284

Styrene, Butadiene Rubber

ESBR 1500 FOB NWE Weekly USD AAWXB00 AAWXB03 Spot FOB Northwest Europe 3-30 days forward 500 MT PC0752 PC0754

ESBR 1502 FOB NWE Weekly USD AAWXD00 AAWXD03 Spot FOB Northwest Europe 3-30 days forward 500 MT PC0752 PC0754

ESBR 1723 FOB NWE Weekly USD AAWXF00 AAWXF03 Spot FOB Northwest Europe 3-30 days forward 500 MT PC0752 PC0754

ESBR 1783 FOB NWE Weekly USD AAWXH00 AAWXH03 Spot FOB Northwest Europe 3-30 days forward 500 MT PC0752 PC0754

SSBR FOB NWE weekly USD AAWXJ00 AAWXJ03 Spot FOB Northwest Europe 3-30 days forward 500 MT PC0752 PC0754

ESBR 1500 FD NWE Weekly EUR AAWXA00 AAWXA03 Spot FD Northwest Europe 3-30 days forward 100 200 MT PC0752 PC0754

ESBR 1502 FD NWE Weekly EUR AAWXC00 AAWXC03 Spot FD Northwest Europe 3-30 days forward 100 200 MT PC0752 PC0754

ESBR 1723 FD NWE Weekly EUR AAWXE00 AAWXE03 Spot FD Northwest Europe 3-30 days forward 100 200 MT PC0752 PC0754

ESBR 1783 FD NWE Weekly EUR AAWXG00 AAWXG03 Spot FD Northwest Europe 3-30 days forward 100 200 MT PC0752 PC0754

SSBR FD NWE weekly EUR AAWXI00 AAWXI03 Spot FD Northwest Europe 3-30 days forward 100 200 MT PC0752 PC0754

Polymers

Platts’ polymer contract price assessments in Europe reflect gross and/or net prices negotiated between contract parties for monthly deliveries. Platts defines a contract price as one negotiated against an annual commitment to supply or procure regular monthly volumes. Platts may use information on all contractually agreed volumes to form the basis of its assessments, although assessments will be normalized to reflect contractual commitments of 3,000-6,000 mt/year. In the absence of any outright contract price information, Platts will take price direction from the more liquid spot market. Platts recognizes that the spot and contract markets are independent markets with different dynamics and Platts will only take direction from the spot market in the absence of confirmed contract values. The

governing factor in the price assessments, however, is to reflect the negotiated and mutually-agreed absolute price.

Polyethylene

Assessment Window: Weekly assessments are based on the latest information from the market up to the close of the assessment window at 4:30 pm London time on Wednesday.

Timing: Domestic PE contract assessments in Europe reflect gross prices (before discounts) agreed for regular monthly business. Platts contract assessments reflect the free negotiation process each week as confirmation is received both on preliminary data and concluded deals from buyers and sellers. Spot assessments specify a loading date of 3 to 30 days

from the day of publication.

Basis and Locations:

Weekly contract assessments: European FD domestic contract prices are in Eur/mt with the exception of the UK market, which is in GBP/mt. The NWE domestic assessments are for products delivered within each country respectively. The FD NWE contract prices are calculated by converting the FD Germany contract prices from euro to US dollars based on weekly exchange rates as published by Platts.

Weekly spot assessments:

■■ FOB NWE basis Amsterdam-Rotterdam-Antwerp;



■■ FD NWE;

■■ CFR Russia basis St Petersburg;

■■ CFR Turkey basis Istanbul;

■■ CFR North Africa basis Morocco, Algeria, Tunisia and Egypt mainports.

The CFR Turkey assessments exclude import duties.

The CFR North Africa assessments reflect products for delivery 15-45 days forward from the date of publication with 60 days net payment terms.

Platts also assesses Free Carrier (FCA) Antwerp spot prices in Eur/mt.

Daily spot assessments: LDPE FD NWE, LLDPE FD NWE, LDPE FCA Antwerp, LLDPE FCA Antwerp.

Standard cargo size: Minimum 100mt lots for domestic business, minimum 300 mt lots for export business. For CFR Africa, cargo size is between 100-500 mt lots.

Product Specifications: European assessments cover indigenous Western European and/or imported prime material. Product sold in plain or unmarked bags is not included in the assessment unless the market considers such business to be representative.

■■ Low Density Polyethylene: the assessment is for material within the melt flow index of between 0.3-4.0; density between 918-920 kg/m3.

■■ Linear Low Density Polyethylene C4 Blown Film: butene-grade linear with a melt flow index of around 0.8-1.0, and density between 918-925 kg/m3.

■■ Linear Low Density Polyethylene C4 Cast Stretch Film: linear with a melt flow index of between 2.0-3.0 under standard pressure and temperature, and a density of between 918-925 kg/m3.

■■ Linear Low Density Polyethylene C6 blown and cast stretch film:1 -Hexene co-monomer with density between 917-922 kg/m3 for both cast and blown film and a melt flow index between 0.9-3.5.

■■ Linear Low Density Polyethylene metallocene blown and cast stretch film: 1-Hexene co-monomer based on metallocene catalyst with a density of 912-940 kg/m3 for both cast and blown film, and a melt flow index between 0.5-4.5.

■■ High Density Polyethylene injection grade: Assessments cover material with a melt flow rate between 4.0-8.0 with density between 950-960 kg/m3. The major applications for this grade are crates and boxes.

■■ High Density Polyethylene blow-molding grade: Assessments cover medium molecular weight material with a melt flow rate between 0.22-0.40 with density between 950-960 kg/m3, typically for half liter and 3-4 liter bottle applications.

■■ High Density Polyethylene film grade: Assessments cover uni-modal grade with a melt flow rate between 8.0-10.0 and density between 950-960 kg/m3.

■■ High Density Polyethylene high molecular weight: Assessments cover material with a high load melt index (HLMI) of between 2.0-5.0 and 5.0-10.0, and density of between 950-955 kg/m3.

Polystyrene


Polystyrene assessments cover general purpose grade (GPPS), high impact (HIPS) and expandable (EPS).

Timing: Domestic PS, EPS contract assessments in Europe reflect net prices (after discounts) agreed for regular monthly business. Platts contract assessments reflect the free negotiation process each week as confirmation is received both on preliminary data and concluded deals from buyers and sellers. Spot assessments specify a loading date of 3 to 30 days from the day of publication.


Weekly contract assessments: European FD domestic contract prices are in Eur/mt with the exception of the UK market, which is in GBP/mt.

NWE domestic assessments are for product delivered within each country respectively.

The FD NWE prices are calculated by converting the FD Germany contract prices from euros to US dollars based on weekly exchange rates.

Domestic GPPS and HIPS net contract assessments in Europe reflect net prices (after discounts) which are agreed for regular monthly contractual business.



■■ FD NWE,

■■ CFR Turkey basis Istanbul,




Standard cargo size: Minimum 20mt lots for inland domestic business, 300mt lots for export business. For CFR Africa, cargo size is between 100-500 mt lots.


In NWE, the GPPS assessment covers material with a melt flow index of between 1.0-20 while the HIPS assessment is for product with a melt flow index of between 2-20. EPS assessment is for product used in insulation with flame retardant properties.

Polypropylene


Timing: Domestic PP contract assessments in Europe reflect gross prices (before discounts) agreed for regular monthly business. Platts contract assessments reflect the free negotiation process each week as confirmation is received both on preliminary data and concluded deals from buyers and sellers. Spot assessments specify a loading date of 3 to 30 days from the day of publication.

Basis and Locations: Weekly contract assessments: NWE domestic assessments are for product delivered within each country respectively.

FD NWE contract prices are calculated by converting the FD Germany contract prices from euros to US dollars based on weekly exchange rates as published by Platts.



■■ FD NWE spot;

■■ CFR Russia basis St Petersburg;

■■ CFR Turkey basis Istanbul;


CFR Turkey assessments exclude import duties.

The CFR North Africa assessments, for homo, copolymer and raffia grades, reflect products for delivery 15-45 days forward from the date of publication with 60 days net payment terms.

Daily spot assessments: PP homo injection FD NWE, PP homo injection FCA Antwerp.

Standard cargo size: Minimum 20mt lots for domestic business and CFR Russia, 300mt lots for export business. For CFR Africa, cargo size is between 100-500 mt lots.


■■ Polypropylene homopolymer injection grade: Assessments cover materials with a melt flow index between 5-30.

■■ Polypropylene block copolymer grade: Assessments cover material with a melt flow index between 2-30.

■■ Polypropylene raffia grade: European assessments cover CFR Turkey and CFR North Africa only, with a minimum melt flow rate of 3.5 without additives.

Polyethylene Terephthalate (PET)

Assessment Window: Assessments are based on the latest information from the market up to the close of the assessment window at 4:30 pm London time on Wednesday.

Platts PET assessments cover bottle and film grades and recycled PET (R-PET).

Timing: Domestic PET contract assessments in Europe reflect gross (before discounts) and net (after discounts) prices agreed for regular monthly business. Platts contract assessments reflect the free negotiation process each week as confirmation is received both on preliminary data and concluded deals from buyers and sellers. Spot assessments specify a loading date of 3 to 30 days from the day of publication.

Weekly contract assessments: Domestic net PET contract assessments in Europe reflect negotiated net prices (after discounts) which are agreed for regular monthly contractual business. Domestic gross PET contract assessments in Europe reflect negotiated gross prices (before discounts) agreed for regular monthly business.

Basis and Locations: The NWE domestic assessments are for product delivered within each country respectively. The FD NWE contract prices are calculated by converting the FD Germany contract prices from euros to US dollars based on weekly exchange rates. Spot assessments represent PET bottle grade and R-PET prices for FD NWE and FD UK. These specify a loading date of 3 to 30 days from the day of publication.

For R-PET, assessments reflect prices paid for European and UK produced flakes derived from post-consumer virgin PET polymer.

Standard spot cargo size: Minimum 20mt lots for domestic business, 300mt lots for export business.

Product Specifications: European assessments cover



indigenous Western European and/or imported prime material. Product sold in plain or unmarked bags is not included in the assessment unless the market considers such business to be representative.

Bottle grade assessments cover standard bottle-grade material with an IV of between 0.7-0.86 and is B* neutral. The film grade assessment refers to APET sheet with the same characteristics. For R-PET, assessments reflect material with IV of 0.84, containing an average 10% of post-consumer recycle content. The colorless flake has been through a hot-wash process.

(Notes: IV refers to intrinsic viscosity, a measure of molecular weight, or the degree of its polymerization. An IV value in the range that Platts quotes represents a commodity grade plastic, which is usually used for mineral water. B* is a measure of the degree of yellowness of the resin.)

Polyvinyl Chloride (PVC)

Assessment Window: Assessments are based on the latest information from the market up to the close of the assessment window at 4:30 pm Wednesday.

Timing: Domestic PVC contract assessments in Europe reflect gross prices agreed for regular monthly business. Platts contract assessments reflect the free negotiation process each week as confirmation is received both on preliminary data and concluded deals from buyers and sellers. Spot assessments specify a loading date of 3 to 30 days from the day of publication.


Weekly contract assessments: NWE domestic assessments are for product delivered within each country respectively.

FD NWE contract prices are calculated by converting the FD

Germany contract prices from euros to US dollars based on exchange rates as published by Platts.


■■ FOB NWE basis Amsterdam-Rotterdam-Antwerp

■■ FD NWE

■■ CFR Russia basis St Petersburg

■■ CFR Turkey basis Istanbul, excluding duties

Standard cargo size: Minimum volume of 20 mt lots for domestic business and 300mt lots for export business.

Product Specifications: Pipe-grade suspension PVC with a K-value of 66-68.

Acrylonitrile Butadiene Styrene (ABS)

Assessment Window: Assessments are based on the latest information from the market up to the close of the assessment window at 4:30 pm London Wednesday.

Timing: Domestic ABS contract assessments in Europe reflect gross prices agreed for regular monthly business. Platts contract assessments reflect the free negotiation process each week as confirmation is received both on preliminary data and concluded deals from buyers and sellers. Spot assessments specify a loading date of 3 to 30 days from the day of publication.

Basis and Locations: The FD NWE price is calculated by converting the FD Germany assessment from euro to US dollar based on weekly exchange rates. Export prices are assessed on a FOB basis.

Standard spot cargo size: Minimum volume of 20mt lots for domestic business and 300mt lots for export business.

Product Specifications: Platts assesses the base ABS grade known as general purpose/natural grade resins. This is injection grade material with a melt flow index of 10-40. Platts also assesses average color and auto black grades. Platts acknowledges the variance in price of colored versus auto black resins depending on the color of the resin. The assessments for colored/auto black resins are based on Platts best estimate, taking into account the premium over natural grade resin as reported by market participants.

Styrene, Butadiene Rubber

Assessment Window: Weekly assessments are based on the latest information from the market up to close of the assessment window at 4:30 pm London time Friday or last working day of the week in case of holidays.

Timing: Material loading/delivered 3-30 days forward from the day of publication.

Basis and Locations: Platts assessments of Emulsion SBR and Solution SBR are basis NWE. In addition to Rotterdam, ESBR and SSBR assessments reflect all major Northwest European ports including Italy and Spain.

Standard cargo size: SBR spot assessments on a FD NWE basis reflect standard parcel lots of 100-200 mt or 10-20 containers. Assessments on a FOB NWE basis reflect volumes of 500 mt and above.

Product Specification: Standard quality ESBR grades 1500, 1502, 1723 and 1783. The SSBR assessment is for solution SBR grades with 25% styrene content and vinyl content ranging between 45% and 64%.



INTERMEDIATESPC Page

Assessment CURRENCY CODE Mavg Wavg CONTRACT TYPE CONTRACT BASIS LOCATION DELIVERY PERIOD MIN SIZE MAX SIZE UOM CODE Mavg Wavg

Oxo Alcohols

N-Butanol FD NWE Weekly EUR HPAPG00 HPAPH03 Spot FD NWE 3-30 days forward 20 MT PC0160

N-Butanol FOB Rotterdam Weekly USD PHAPE00 PHAPF03 Spot FOB Rotterdam 3-30 days forward 500 1000 MT PC0160

Isobutanol FD NWE Weekly EUR HPAPK00 HPAPL03 Spot FD NWE 3-30 days forward 20 MT PC0160

Isobutanol FOB Rotterdam Weekly USD PHAPI00 PHAPJ03 Spot FOB Rotterdam 3-30 days forward 500 1000 MT PC0160

2-EH FD NWE Weekly EUR HPAPO00 HPAPP03 Spot FD NWE 3-30 days forward 20 MT PC0160

2-EH FOB Rotterdam Weekly USD PHAPM00 PHAPN03 Spot FOB Rotterdam 3-30 days forward 500 1000 MT PC0160

PA FL FD NWE Weekly EUR HPAPW00 HPAPX03 Spot FD NWE 3-30 days forward 20 MT PC0160

PA FL FOB Rotterdam Weekly USD PHAPU00 PHAPV03 Spot FOB Rotterdam 3-30 days forward 500 1000 MT PC0160

PA MN FD NWE Weekly EUR HPAPY00 HPAPZ03 Spot FD NWE 3-30 days forward 20 MT PC0160

Ethylene Dichloride (EDC)

EDC FOB NWE Weekly USD PHAQK00 PHAQL03 Spot FOB NWE 3-30 days forward 500 1000 MT PC0181

Vinyl Chloride Monomer (VCM)

VCM FOB NWE Weekly USD PHAQO00 PHAQP03 Spot FOB NWE 3-30 days forward 500 1000 MT PC0181

Acetic Acid (AA)

Acetic Acid FD NWE Weekly EUR HPAQC00 HPAQD03 Spot FD NWE 3-30 days forward 20 MT PC0172

Acetic Acid FOB NWE Weekly USD PHAQA00 PHAQB03 Spot FOB NWE 3-30 days forward 500 1000 MT PC0172

Vinyl Acetate Monomer (VAM)

VAM FD NWE Weekly EUR HPAQG00 HPAQH03 Spot FD NWE 3-30 days forward 20 MT PC0172

VAM FOB NWE Weekly USD PHAQE00 PHAQF03 Spot FOB NWE 3-30 days forward 500 1000 MT PC0172

PTA

PTA FD NWE Monthy CP EUR AACVW00 AACVX00 Contract FD NWE Current month 300 2000 MT PC509

Acrylonitrile (ACN)

Acrylonitrile CIF Mediterannean Weekly USD PHAQI00 PHAQJ03 Spot CIF Mediterranean 3-30 days forward 500 MT PC0175 PC459

Acrylonitrile CIF ARA Weekly USD PHASO04 PHASO03 Spot CIF ARA 3-30 days forward 500 MT PC0175 PC459



Intermediates

Oxo Alcohols

Assessment Window: Spot assessments are based on the latest information from the market up to the close of the assessment window at 4:30 pm London time Thursday. Phthalic anhydride (PA) Molten FD NWE is assessed at PA Flake FD NWE plus fixed premium of Eur250/mt.

Timing: Assessments reflect product for delivery or loading (for FD and FOB, respectively) 3-30 days forward from the date of publication.

Basis and Location: Spot prices are assessed each Thursday on a FD basis in Euro/mt and on a FOB Rotterdam basis in $/mt. .

Standard cargo size: minimum 20 mt for FD Europe, between 500 mt and 1,000 mt for FOB Rotterdam assessments.

Product Specifications:

■■ N-butanol: Minimum purity of 99.5%. Maximum water content of 0.05%. Maximum color of 10 Hazen.

■■ Iso-butanol: Minimum purity of 99.5% and maximum water content of 0.05%. Maximum color of 10 Hazen.

■■ 2-EH: Minimum purity of 99.5%. Maximum water content of 0.1% and maximum acidity of 0.01%.

■■ Phthalic anhydride: Molten and flake product with minimum purity of 99.7%. Residual maleic anhydride content maximum 0.05%. Maximum color of 20 Hazen.

Ethylene Dichloride (EDC)/Vinyl Chloride Monomer (VCM)

Assessment Window: Spot assessments are based on the latest

information from the market up to the close of the assessment window at 4:30 pm London time Tuesday.

Timing: Product loading 3-30 days forward from the date of publication.

Basis and Locations: FOB Northwest Europe in $/mt.

Standard cargo size: 500-1,000mt.


Ethylene dichloride: Minimum purity of 99.8%. Maximum water content of 200ppm. Maximum acidity is 10ppm.

Vinyl chloride monomer: Minimum purity of 99.9% and maximum water content 100ppm.

Acetic Acid (AA)/Vinyl Acetate Monomer (VAM)

Assessment Window: Spot assessments are based on the latest information sourced from the market up to the close of the assessment window at 4:30 pm on Thursday.

Timing: Assessments reflect product for delivery or loading 3-30 days forward from the date of publication.

Basis and Locations: Spot prices are assessed FD NWE in Euro/mt and FOB NWE in $/mt, and the bulk of such business is conducted on a FOB Rotterdam basis.

Standard cargo size: 500-1,000mt for FOB NWE, minimum 20mt for FD NWE.


■■ Acetic acid: Minimum purity of 99.8%, maximum water content of 0.15% by weight, and maximum color of 10 Hazen.

■■ Vinyl acetate monomer: Minimum purity of 99.9%, maximum water content of 400ppm.

Purified Terephthalic Acid (PTA)

Assessment: PTA FD NWE Monthly CP is assessed at 0.66* PX monthly European contract price plus fixed premium of Eur140/mt.

Timing: NWE monthly contract prices.

Basis and Location: Spot prices are assessed FD NWE in Euro/mt.

Standard cargo size: 300-2,000mt.

Product Specifications: Minimum purity of 95%.

Acrylonitrile (ACN)

Assessment Window: Spot assessments are based on the latest information from the market up to the close of the assessment window at 4:30 pm London time on Tuesday.

Timing: Material loading 3-30 days forward from the date of publication.

Basis and Location: CIF Mediterranean and CIF ARA in $/mt.

Standard cargo size: Minimum 500mt.

Product Specifications: Minimum purity of 99.4%, maximum water content of 0.5%, and maximum non-volatile bases content of 100ppm.



SOLVENTSPC Page

Assessment CURRENCY CODE Mavg Wavg CUR CONV CONTRACT TYPE CONTRACT BASIS LOCATION DELIVERY PERIOD MIN SIZE MAX SIZE UOM CONV CODE Mavg Wavg

Hydrocarbon Solvents

Solvent Naphtha FD NWE Weekly EUR HPAGN00 HPAZI03 Spot FD NWE 3-30 days forward 20 MT PC370 PC0446

Solvent Naphtha FOB Rotterdam Weekly USD PHAGO00 PHAZH03 Spot FOB Rotterdam 3-30 days forward 500 1000 MT PC370 PC0446

Solvent Toluene FD NWE Weekly EUR HPAFN00 HPAZK03 Spot FD NWE 3-30 days forward 20 MT PC370 PC0446

Solvent Xylene FD NWE Weekly EUR HPAGC00 HPAZP03 Spot FD NWE 3-30 days forward 20 MT PC370 PC0446

White Spirit FD NWE Weekly EUR HPACS00 HPAZT03 Spot FD NWE 3-30 days forward 20 MT PC370 PC0446

White Spirit FOB Rotterdam Weekly USD PHACT00 PHAZS03 Spot FOB Rotterdam 3-30 days forward 500 1000 MT PC370 PC0446

Hexane Special Grade FD NWE Weekly EUR HPACX00 HPAZV03 Spot FD NWE 3-30 days forward 20 MT PC370 PC0446

Hexane Special Grade FOB Rotterdam Weekly USD PHACZ00 PHAZU03 Spot FOB Rotterdam 3-30 days forward 500 1000 MT PC370 PC0446

Oxygenated Solvents

Acetone T2 FD NWE Weekly EUR HPADN00 HPAYQ03 Spot FD NWE 3-30 days forward 20 MT PC378 PC0447

Acetone T2 FOB Rotterdam Weekly USD PHADO00 PHAYP03 Spot FOB Rotterdam 3-30 days forward 500 MT PC378 PC0447

Butyl Acetate FD NWE Weekly EUR HPAEJ00 HPAZE03 Spot FD NWE 3-30 days forward 20 MT PC378 PC0447

Butyl Acetate FOB Rotterdam Weekly USD PHAEK00 PHAZD03 Spot FOB Rotterdam 3-30 days forward 500 MT PC378 PC0447

Ethyl Acetate FD NWE Weekly EUR HPAED00 HPAZA03 Spot FD NWE 3-30 days forward 20 MT PC378 PC0447

Ethyl Acetate FOB Rotterdam Weekly USD PHAEE00 PHAZB03 Spot FOB Rotterdam 3-30 days forward 500 MT PC378 PC0447

IPA FD NWE Weekly EUR HPADE00 HPAYF03 Spot FD NWE 3-30 days forward 20 MT PC378 PC0447

IPA FOB Rotterdam Weekly USD PHADF00 PHAYE03 Spot FOB Rotterdam 3-30 days forward 500 MT PC378 PC0447

MEK FD NWE Weekly EUR HPADR00 HPAYS03 Spot FD NWE 3-30 days forward 20 MT PC378 PC0447

MEK FOB Rotterdam Weekly USD PHADS00 PHAYR03 Spot FOB Rotterdam 3-30 days forward 500 MT PC378 PC0447

Phenol FD NWE Weekly EUR HPAGF00 HPAYJ03 Spot FD NWE 3-30 days forward 20 MT PC378 PC0447

Phenol FOB Rotterdam Weekly USD PHAGG00 PHAYI03 Spot FOB Rotterdam 3-30 days forward 500 MT PC378 PC0447



Solvents

Hydrocarbon Solvents

Assessment Window: Spot assessments are based on the latest information sourced from the market up to the close of the assessment window at 4:30 pm London time Tuesday.

Timing: Assessments reflect material for delivery or loading 3-30 days from the day of publication. In the absence of spot indications the FOB barge market is assessed as a premium to related upstream products.

Basis and Location: Spot prices are assessed in Eur/mt FD NWE and in $/mt FOB Rotterdam.

Standard cargo size: Minimum 20 mt for FD NWE, 500-1,000 mt for FOB Rotterdam.


■■ Solvent Naphtha: Minimum density of 0.870 g/ml at 15 degrees Celsius, minimum total aromatics content is 99% and maximum water content is 0.03%.

■■ Solvent Toluene: Product must conform to ASTM D-841.

■■ Solvent Xylene: Product must conform to ASTM D-843 with one or more isomers removed.

■■ White Spirit: Minimum density of 0.770 g/ml at 15 degrees Celsius, minimum aromatics content of 15% and a distillation range of 145-200 degrees Celsius.

■■ Hexane: Minimum C6 (hexane, isomers, and methyl-cyclopentane) content of 98%. Product should have a minimum n-hexane content specification of 45%. Maximum benzene content of 50ppm and a maximum sulfur content of 200ppm. Minimum boiling temperature of 65-70 degrees Celsius for food grade, 60-95 degrees for adhesive grades.

Oxygenated Solvents

Assessment Window: Spot assessments are based on the latest information sourced from the market up to the close of the assessment window at 4:30 pm London time Tuesday.

Timing: Assessments reflect product for delivery/loading 3-30 days forward from the day of publication.

Basis and Locations: Eur/mt FD NWE and $/mt FOB Rotterdam.

Standard cargo size: Minimum 20 mt for FD NWE, minimum 500

mt for FOB Rotterdam.


■■ Isopropyl alcohol: Maximum aromatics volume of 100ppm, maximum sulfur content of 1ppm and minimum product purity of 50%. Minimum alcohol content is 99.5%, and maximum water content is 0.3%.

■■ Phenol: Minimum purity of 99.9% and maximum water content of 0.08%.

■■ Acetone: Minimum acetone content of 99% and maximum water content of 0.35%

■■ Methyl Ethyl Ketone (MEK): Minimum MEK content of 99% and maximum water content of 0.1%

■■ Ethyl acetate: Minimum purity of 99.5%, maximum water content of 0.05%, and maximum alcohol content of 0.04%.

■■ Butyl acetate: Minimum purity of 98%, maximum water content of 0.05%, and maximum alcohol content of 0.5%.



CHLOR ALKALIPC Page


Chlorine

Chlorine FD NWE Weekly EUR AANTE00 Contract FD NWE Current month 500 1000 MT PC391

Caustic Soda

Caustic Soda FOB NWE Weekly USD AANTF00 AANTF03 AANTF00 Spot FOB Rotterdam 3-30 days forward 10,000 MT PC391 PC0380

Caustic Soda FD NWE Weekly EUR AANTG00 Contract FD NWE Current month 5000 MT PC391

Chlor Alkali

Chlorine

Assessment Window: Assessments are based on the latest information sourced from the market up to the close of the assessment window at 4:30 pm London time Tuesday. Contract price assessments are made once a month on the first Tuesday of the month and are published weekly.

Timing: Month of publication.

Basis and Locations: Intra-European monthly contract price on FD Northwest Europe basis in Eur/mt.

Standard cargo size: Contract material is delivered ex-pipeline in parcels of 500-1,000mt.

Product Specifications: Liquid/gas chlorine with a minimum purity of 99.5% by volume, moisture of 50 max ppm by weight.

Caustic Soda

Assessment Window: Assessments are based on the latest information sourced from the market up to the close of the assessment window at 4:30 pm London. Assessments for the CP are made once a month on the first Tuesday of the month.

Timing: Material loading 3-30 days forward from the date of

publication. Contract price reflects material delivered during the month of publication.

Basis and Locations: (1) Weekly spot export prices on a FOB Rotterdam basis in $/mt. (2) Monthly intra-European contract price on an FD basis in Eur/mt.

Standard cargo size: FD assessments reflect parcels of at least 5,000 dry metric tons in the European distribution market. FOB quotes are for bulk export cargoes with a minimum size of 10,000 dmt.

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



Liquid (easy) chemicals freight

Assessment window: Assessments for liquid chemicals freight rates on routes out of Europe are based on the latest information from the market up to the close of the assessment window at 4.30 pm London time Friday or last working day of the week in case of holidays.

Timing: Assessments reflect prompt fixtures of vessel space.

Assessed routes: Platts assesses freight rates to US Gulf Coast, Far East Asia, South East Asia and Mediterranean from Rotterdam in $/mt.

Cargo Size: Platts assesses freight routes for small (1-2kt) and medium-sized (5kt) parcels.

Tanker type: The assessments reflect the rates for transportation of category Y and Z chemical cargoes in IMO II and III grade chemical tankers. Assessments reflect freight rates for products, such as aromatics,

solvents, MTBE, MEG etc. Assessments reflect transportation in the epoxy-coated or stainless steel purpose-built tankers.

Gas chemicals freight

Assessment window: Assessments for gas chemicals freight rates on routes out of Europe are based on the latest information from the market up to the close of the assessment window at 4.30 pm London time Friday or last working day of the week in case of holidays.

Timing: Assessments reflect prompt fixtures of vessel space.

Assessed routes: Platts assesses freight rates to the US Gulf Coast and Asia from Rotterdam in $/mt.

Cargo Size: Platts assesses freight routes for medium-sized (5-10kt) parcels.

Tanker type: Pressurized vessels.

LIQUID (EASY) CHEMICALS FREIGHTPC Page


Rotterdam-USG 1-2 kt Weekly USD AARIZ00 Spot 1000 2000 MT PC410

Rotterdam-FE Asia 1-2 kt WeeklyUSD AARJB00 Spot 1000 2000 MT PC410

Rotterdam-SE Asia 1-2 kt WeeklyUSD AARJD00 Spot 1000 2000 MT PC410

Rotterdam-Med 1-2 kt Weekly USD AARJF00 Spot 1000 2000 MT PC410

Rotterdam-USG 5 kt Weekly USD AARJA00 Spot 5000 5000 MT PC410

Rotterdam-FE Asia 5 kt Weekly USD AARJC00 Spot 5000 5000 MT PC410

Rotterdam-SE Asia 5 kt Weekly USD AARJE00 Spot 5000 5000 MT PC410

Rotterdam-Med 5 kt Weekly USD AARJG00 Spot 5000 5000 MT PC410

Weekly Gas Chemical Freight Rates

Europe-Asia USD AAXOO00 Spot 5000 5000 MT PC417

Europe-Asia USD AAXPC00 Spot 5000 10000 MT PC417

Europe-Turkey/Med USD AAXOT00 Spot 5000 5000 MT PC417

Europe-USA 5-10 kt Weekly USD AAXPA00 Spot 5000 10000 MT PC417



Platts global petrochemical indices

Indices: Platts publishes the following petrochemical indices daily, based on the assessments indicated in parentheses. The indices appear in Platts Petrochemical Alert (PCA) page 900.

■■ Global Ethylene (CFR NE Asia, FD NWE, FD USG)

■■ Global Propylene (FOB Korea, FD NWE, FD USG)

■■ Global Benzene (FOB Korea, CIF ARA, FOB USG)

■■ Global Toluene (FOB Korea, FOB Rotterdam, FOB USG)

■■ Global Paraxylene (FOB Korea, FOB Rotterdam, and FOB US Gulf)

■■ Global Low density polyethylene (CFR N Asia, FD NWE, FAS Houston)

■■ Global Polypropylene homopolymer (CFR N Asia, FD NWE, FAS Houston)

■■ Global Petrochemical Index (PGPI) (1)

Weighted averages for each index above by region are as follows:

■■ Global Ethylene (CFR NE Asia, FD NWE, FD USG), 0.48 Asia, 0.24 for US and 0.28 for Europe.

■■ Global Propylene (FOB Korea, FD NWE, FD USG), 0.63 Asia, 0.19 for US and 0.17 for Europe.

■■ Global Benzene (FOB Korea, CIF ARA, FOB USG), 0.67 Asia, 0.13 for US and 0.19 for Europe.

■■ Global Toluene (FOB Korea, FOB Rotterdam, FOB USG), 0.49 Asia, 0.30 for US and 0.21 for Europe.

■■ Global Paraxylene (FOB Korea, FOB Rotterdam, and FOB US

Gulf), 0.85 Asia, 0.09 for US and 0.06 for Europe.

■■ Global Low density polyethylene (CFR N Asia, FD NWE, FAS Houston), 0.37 Asia, 0.19 for US and 0.44 for Europe.

■■ Global Polypropylene homopolymer (CFR N Asia, FD NWE, FAS Houston), 0.64 Asia, 0.14 for US and 0.22 for Europe.

The distribution reflects the relative sizes of the regional markets based on production capacity, as of 2015.

(1) The Platts Global Petrochemical Index (PGPI) is calculated based on the individual global product indices with the following weight distribution: 0.32 ethylene, 0.24 propylene, 0.11 benzene, 0.05 toluene, 0.10 paraxylene, 0.05 LDPE, and 0.14 PP.

Units: USD/mt.

APPENDIX

TDI-grade toluene specifications

Platts’ toluene diisocynate-grade (TDI-grade) toluene assessments reflect the below specifications, designated under ASTM D5606:

Property: Specifications:Purity, min, wt% 99.9Acid wash color, max pass with 2Benzene, max, mg/kg 300Nonaromatics, max, wt% 0.1Ethylbenzene, max, mg/kg 300Xylenes, max, mg/kg 500Appearance Clear liquid free of sediment

and haze when observed at 18.3 to 25.6 C (65 to 78 F).

Color, max, Pt-Co scale 10

MX specifications

Platts’ European mixed xylenes assessments reflect the below specifications:

Property: Specifications:Non aromatics content, max 2%Ethylbenzene content, max, vol 20%Color, max, Pt-Co scale 20Distillation range, max 5 CelsiusInitial distillation temp, min 137 CelsiusDry point, max 143 CelsiusAcid wash color, max pass with 6Copper corrosion, max pass (1A or 1B)Appearance Clear liquid free of sediment

and haze when observed at 18.3 to 25.6 C (65 to 78 F).

ETBE Sustainability Criteria: The European Commission has, through its Directive 2009/28/EC, spelt out guidelines on the promotion of the use of energy from renewable sources by 2020. Specifically, it endorsed a mandatory 10% minimum target to be achieved by all Member States for the share of renewable sources in transport petrol and diesel consumption by 2020. Following developments on the implementation of the directive at the member-state level, from January 3, 2012 Platts only reflects bids, offers and expressions of interest to trade in its Market on Close assessment process for product that satisfies the sustainability criteria defined in the article 17 of the directive. The sellers are required to demonstrate compliance with the provisions of the directive by supplying proof of sustainability issued either by any of the voluntary schemes approved by the European Commission or by an independent audit performed in accordance with the guidelines referred to in the directive and prescribed by national requirements of respective member state (s).

Right to audit: The buyer holds a right to audit the sustainability documentation for the sole purpose of determining the validity and veracity of these documents.



REVISION HISTORY

May 2018: Platts updated the section “Aromatics MOC window guidelines” to include revised expectations surrounding vessel performance in its CIF ARA aromatics assessment windows.

May 2018: Platts corrected the April 2018 revision history to remove an erroneous reference to PCA Guidelines. The April 2018 update had incorrectly stated that text had been moved to the PCA Guidelines document during the annual methodology review.

April 2018: As part of the annual methodology review, we simplified language and deleted/moved repetitive language on normalization, which is included in Parts I-VI.

April 2018: Platts moved publication of EDC/VCM assessments in Europe to Tuesday from Thursday.

April 2018: Platts amended the codes listed for its Propylene Contract Price Indicator.

January 2018: Platts amended intermediates methodology for PTA and PA. Platts harmonized toluene and mixed xylenes assessments by discontinuing nitration grade toluene and solvent grade MX.

November 2017: Platts launched CIF ARA mixed xylene month 1 and month 2 assessments, and toluene and mixed xylene month 1 and month 2 spreads to corresponding Eurobob gasoline FOB ARA swaps.

September 2017: Platts launched CIF ARA toluene assessments and tied its existing FOB ARA prices to the CIF ARA value.

August 2017: Platts clarifies vessel performance in European CIF ARA aromatics MOC window guidelines.

July 2017: Platts to assess CFR Turkey polymer prices exclusive

of duty. Platts clarifies FOB specifications for styrene butadiene rubber and revises vinyl content for SSBR.

June 2017: Platts updated the codes for Platts cracker margins.

April 2017: [Annual Review] Platts launched MX CIF ARA assessment and tied its existing FOB ARA prices to the CIF ARA value. Platts revised the MOC guidelines for CIF markets allowing bids and offers for dated barrels in no shorter than 10 day strips. Platts also revised its approach to aromatics contract price publication in case of split settlements. In addition, Platts added a gas chemical freight methodology to the complement the existing easy liquid freight methodology.

January 2017: Platts to no longer take price deltas into consideration for assessing European polymer contract prices.

December 2016: Platts discontinued several chemical freight assessments, including for freight rate for liquid chemicals from Europe to Brazil and for VCM freight routes from Europe and the US to Turkey.

November 2016: Platts discontinued the styrene FCA Rotterdam truck contract price. Platts launched benzene month-ahead contract price indicator.

June 2016: Platts launches C2,C3 month gross contract price assessments. Platts also launched M1,M2 spot price assessments for European C2,C3. Platts revised aromatics MOC window guidelines on loading/delivery dates.

March 2016: Platts revised the individual regional weighting to each product based on their regional capacity, for the Global Petrochemical Indices.

February 2016: [Annual Review] Platts clarified the loading dates for EDC/VCM and minimum/maximum quantity for DEG. Platts clarified that PVC CFR Russia is also assessed in $/mt. Platts clarified that Raffinate is assessed as CIF NWE. Platts

updated hexane specifications to reflect a methodology change regarding benzene and sulphur content.

February 2016: Platts clarified the loading dates for EDC/VCM and minimum/maximum quantity for DEG. Platts clarified that PVC CFR Russia is also assessed in $/mt. Platts clarified that Raffinate is assessed as CIF NWE. Platts updated hexane specifications to reflect a methodology change regarding benzene and sulphur content.

August 2015: Platts clarified minimum and maximum volumes for spot polymer assessments. Platts clarified delivery period for contract polymer assessments is the month of publication. Platts clarified it also used butadiene in the contract cracker margin calculations. Platts clarified loading period and standard parcel volumes for MTBE. Platts clarified loading/delivery period for acetic acid, VAM and oxygenated solvents. Platts added basis location for FD and CIF NWE assessments of ethylene and propylene.

April 2015: Platts discontinued publication of acetone T1, MIBK and benzene forward quarterly assessments. Platts also discontinued publication of the hydro xylene FOB ARA code (PHAGD00) and replaced it with mixed xylene code (PHAAW00). Platts introduced spot assessments for LLDPE standard C6 (AAQCY00) and metallocene C6 (AAQCZ00).

March 2015: Platts clarified European polymer contract price assessments by further defining the parameters. Platts added ‘spot’ in PET and ABS cargo sizes.

February 2015: Platts changed the frequency of the mixed xylenes and orthoxylene assessments to daily.

January 2015: Platts discontinued dioctyl phthalate assessments from January 2, 2015 and revised the specifications of the mixed xylenes reflected in the virgin/isomer and solvent grade xylenes. Platts reduced the ethyl-benzene content to a maximum of 20% from previous 55-60%, eliminated



the limits on metaxylene, paraxylene and orthoxylene, which were previously set at 15-20%, and reduced the non-aromatics content to 2% from 4% maximum for solvent grade. For isomer/virgin grade Platts increased the non-aromatics content to 2% from previously set 1%.

November 2014: Platts amended olefins, aromatics and methanol contract price methodology. Platts publishes contract price settlements once it has obtained information that two buyers and two sellers have agreed the same price.

August 2014: Platts revamped all Petrochemical Methodology and Specifications Guides, including its European Petrochemical guide, in August 2014. This revamp was completed to enhance the clarity and usefulness of all guides, and to introduce greater consistency of layout and structure across all published methodology guides. Methodologies for market coverage were not changed through this revamp, unless specifically noted in the methodology guide itself.

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