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METHODOLOGY AND SPECIFICATIONS GUIDE Americas Petrochemicals (Latest update: August 2014) INTRODUCTION 2 HOW THIS METHODOLOGY STATEMENT IS ORGANIZED 2 PART I: DATA QUALITY AND DATA SUBMISSION 2 WHAT TO REPORT 2 HOW TO REPORT 3 DATA PUBLISHING PRINCIPLES 3 PART II: SECURITY AND CONFIDENTIALITY 4 PART III: CALCULATING INDEXES AND MAKING ASSESSMENTS 4 MOC PRICE ASSESSMENT PRINCIPLES 4 NORMALIZATION PRICE ADJUSTMENT TECHNIQUES 4 PRIORITIZING DATA 5 ASSESSMENT CALCULATIONS 5 PART IV: PLATTS EDITORIAL STANDARDS 6 PART V: CORRECTIONS 7 PART VI: REQUESTS FOR CLARIFICATIONS OF DATA AND COMPLAINTS 7 PART VII: DEFINITIONS OF THE TRADING LOCATIONS FOR WHICH PLATTS PUBLISHES DAILY INDEXES OR ASSESSMENTS 8 OLEFINS 8 US AROMATICS 11 LATIN AMERICAN AROMATICS 15 US POLYMERS 16 LATIN AMERICAN POLYMERS 20 US INTERMEDIATES 22 US HYDROCARBON SOLVENTS 25 US CHLOR ALKALI 26 US OXYGENATED SOLVENTS 27 PLATTS GLOBAL PETROCHEMICAL INDICES 30 REVISION HISTORY 31 [PETROCHEMICALS ]

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Page 1: METHODOLOGY AND SPECIFICATIONS GUIDE - Platts · METHODOLOGY AND SPECIFICATIONS GUIDE Americas Petrochemicals (Latest update: August 2014) IntroductIon 2 How tHis metHodology statement

METHODOLOGY AND SPECIFICATIONS GUIDE

Americas Petrochemicals(Latest update: August 2014)

IntroductIon 2How tHis metHodology statement is organized 2

PArt I: dAtA quALIty And dAtA submIssIon 2wHat to report 2How to report 3data publisHing principles 3

PArt II: securIty And confIdentIALIty 4

PArt III: cALcuLAtIng Indexes And mAkIng Assessments 4moc price assessment principles 4normalization price adjustment tecHniques 4prioritizing data 5assessment calculations 5

PArt IV: PLAtts edItorIAL stAndArds 6

PArt V: correctIons 7

PArt VI: requests for cLArIfIcAtIons of dAtA And comPLAInts 7

PArt VII: defInItIons of the trAdIng LocAtIons for whIch PLAtts PubLIshes dAILy Indexes or Assessments 8olefins 8us aromatics 11latin american aromatics 15us polymers 16latin american polymers 20us intermediates 22us Hydrocarbon solVents 25us cHlor alKali 26us oxygenated solVents 27platts global petrocHemical indices 30

reVIsIon hIstory 31

[PETROCHEMICALS ]

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METHODOLOGY AND SPECIFICATIONS GUIDE AMErICAS PETrOCHEMICALS: AUGUST 2014

2copyrigHt © 2014 by platts, mcgraw Hill financial

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 and indexes, 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 indexes, and the times during each trading day in which platts considers transactions in determining its assessments and index 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.

all platts methodologies reflect platts’ commitment to maintaining best practices in price reporting.

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 future updates, is included at the end of the methodology.

How this methodology statement is organized

this description of methodology for indexes and 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 indexes and price values,

including details on what data market participants are expected to submit, the process for submitting data and criteria for timeliness of market data submissions.

■■ 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 indexes and assessments. it includes descriptions of the methods that platts uses for reviewing data, and the methods used to convert raw data into indexes and assessments, including 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, and the criteria for determining which values are indexes, and which are assessments, 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 and indexes 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 indexes or assessments in this 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: data qualIty and data submIssIon

platts’ objective is to ensure that the submission of transactional information and other data inputs 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 market 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 product being assessed.

platts routinely, and as part of standard editorial practice, 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.

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.

What to report

■■ firm bids that are open to the marketplace as a whole, with market accepted terms

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■■ firm offers that are open to the marketplace as a whole, with market accepted terms

■■ expressions of interest to trade with published bids and offers, with market accepted 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 information provided for publication in real-time across a wide variety of media. the following reporting methods are accepted by platts’ editorial staff:

■■ commonly used instant messaging software

■■ ewindow software

■■ telephone

■■ email

data publishing principles

platts assesses the value of petrochemicals globally using its market on close (moc) assessment process. the 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.

under platts moc guidelines for collecting and publishing data, platts publishes market information including but not limited to firm bids and offers from named companies, 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 service, platts petrochemicals alert. 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 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.

detailed guidelines on moc timings can be found at http://www.platts.com/im.platts.content/methodologyreferences/methodologyspecs/petrochemicals-timing-increment-guidelines.pdf. the purpose of the time cut-offs is primarily to ensure logistical executability and standards of

incrementability and repeatability to ensure orderly price discovery. 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 that they are reasonable.

incrementability varies between each market assessed through the moc assessment process and can be found at http://www.platts.com/im.platts.content/methodologyreferences/methodologyspecs/petrochemicals-timing-increment-guidelines.pdf.

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 (with the appropriate trading relationship) 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. all the platts systems operate on a first come, first served basis. this sequence is critical for orderly price discovery.

platts’ editorial guidelines governing its assessment process require it must consider only those transactions, bids or offers where market participants perform under widely market accepted terms. platts accepts that individual companies may have trading limits with counterparties

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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. platts tracks all circumstances surrounding trades reported during its moc assessment process, and any issues regarding performance. 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 of the product. post-deal tracking enables platts to determine the actual performance of the participants in the trade and the validity of their inputs. platts therefore may request documentary material to determine performance and validity.

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.

Part II: securIty and confIdentIalIty

data is stored in a secure network, in accordance with platts’ policies and procedures. platts petrochemical assessments are produced in accordance with platts market on close assessment methodology.

platts believes that all subscribers have a right to review and analyse market data that is provided for use in its assessments, and therefore platts does not have confidentiality agreements in place for information provided for use in assessments.

Part III: calculatIng Indexes and makIng assessments

the following section describes how platts uses the specific volume, 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 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 the product, 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 product, 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 values.

the clarity established by providing a well-defined timestamp for platts assessments is important in understanding every petrochemical assessment published by platts. it is also important for understanding the relationships between the markets that platts assesses. by ensuring that all assessments within a region reflect market values at the same moment in time, spreads that exist between those products, including the relationship between petrochemicals and oil products such as naphtha and gasoline, are also able to be fully and properly reflected. for example, comparing the value of gasoline to benzene is possible when both values have been determined at the same moment in time. by contrast, comparing the price of gasoline in the morning, to benzene in the afternoon might deeply impair the relationship between the products – 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 values during times of high volatility equally well as in times of more 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.

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 submitting data 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. 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

physical commodity markets are generally heterogeneous in nature – not only can time of transactional activity considered for inclusion in the price assessment process vary through the day, other key attributes often vary from the base standard reflected in platts assessments as the product is supplied to market. platts seeks to align the specifications for petrochemical assessments with standard industry practice.

the quality of the product supplied, delivery location, and other specific terms of trade may be varied in the physical commodity markets assessed by platts. this is one reason among many why data collected from the physical markets may not be simply averaged to produce a benchmark value.

because of the complex nature of the physical petrochemical markets, market data typically must be aligned with standard definitions to allow for a fully representative final published assessment. platts aligns data

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collected through an analysis of the physical petrochemical markets with its standard assessment specifications through a process called normalization.

normalization is an essential price adjustment technique applied by platts, to align reported market information to reflect the economic relationship between specific reported activity and the base standard reflected in platts price assessments.

by surveying markets and observing the economic impact of variance from the base standard reflected in platts assessments, platts regularly normalizes disparate information from the diverse physical commodity markets back to the standard reflected in platts price assessments. 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. this 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

some assessments are derived by a relationship to another assessment, driven by factors which include freight, quality differentials or a fixed differential. this may be done in areas where liquidity is limited.

platts assessment process considers firm bids, firm offers and transactions that are transparent and open to any counterparty with the proper financial and operational resources. bids, offers or transactions that are not transparent would either be not considered or given less weight 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 the defined increments.

the level of each bid or offer must stand firm in the marketplace long

enough for any counterparty to hit the bid or lift the offer, 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, i.e. changes that are in excess of normal market practice.

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, 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 somewhere between the best bid, and best offer open to the market at the close of the moc process. this ensures that platts assessments reflect the transactable value of the commodities it is assessing at the close of the market.

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 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 the fact.

when no transparent 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. under such circumstances, platts may also be able to observe direct market activity or the effect of commonly traded commodities on illiquid markets via spread differentials or via blending and shipping economics.

platts also analyzes the relationships between different products, and factors these relationships into assessments for markets where transactional data falls to low levels or is inconclusive in determining

value. platts normalizes other available data that may be relevant to the assessment during periods when low amounts or no transactional data exists, including transactional data from related markets, in the manner described above.

to do this, platts takes into account representative transactions executed at arms-length in the open market occurring during the moc price assessment period and additionally taking into account bid and offer information submitted during this period. platts editors always seek direct verification from the principals to a reported bid, offer or deal.

platts moc guidelines are designed to avoid any distortion of the final price assessment and so inputs that are not verifiable are eliminated and “one-off” or unrepeatable transaction data 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 lift 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.

a variant on this action is price “gapping” when transactions are concluded through untested levels of price support or resistance. 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 somewhere between the last incremental bid and the transaction at the gapped level.

assessment calculations

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

petrochemicals are generally 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.

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petrochemicals are typically traded in barrels or metric tons, and platts publishes its assessments using these units of measurement as they prevail in practice. the minimum and maximum volume considered for each individual platts assessment of a physical market is described in section Vll of this document.

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 published exchange rates and conversion factors.

platts reporters follow specific methodology when exercising editorial judgment during their assessment process. platts editors apply judgment when determining (1) whether information is suitable for publication, (2) when normalizing data and (3) when determining where to assess final value of market.

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.

all such judgment is subject to review by platts editorial management for adherence to the standards published in platts methodologies. the following section illustrates how these guidelines work when calculating indexes and making assessments.

to ensure the assessments are as robust as possible, platts editorial systems are backed by a strong corporate structure that includes managerial and compliance oversight. to ensure reporters follow platts methodological guidelines in a consistent manner, platts ensures that reporters are trained and regularly assessed in their own and each other’s markets.

application of professional judgment guidelines promotes consistency and transparency in judgments and is systematically applied by platts. where professional 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 manages and maintains internal training guides for each of the different products assessed which aim to assist assessors and ensure platts’ price assessments are

produced consistently. platts’ price assessments are reviewed prior to publication and exercise of professional judgment is further discussed and verified during this process. finally, assessments are supported by an assessment rationale, including the application of judgment, which is published together with the price assessment offering full transparency to the market.

reporters are trained to identify potentially anomalous data. we define 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 mcgraw Hill financial, 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 actual market levels.

platts’ spot price assessments reflect the value at which transactions take place, or could take place, at precisely the close of the moc process. platts defines a spot price for a physical commodity as 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’ 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 may use its editorial judgment to factor out such extraneous elements from the value of the commodity, or it may decide not to use the bid, offer or transaction in its assessment process. 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, volume option tolerances exercisable by the buyer or seller or quality specifications.

platts assesses the outright value of petrochemicals around the world, as well as differentials for those products when they trade with reference to a benchmark. platts analyses all data collected and published 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. in the event of an observed conflict between outright values and differentials, outright values prevail in platts final published assessments.

platts produces time-sensitive assessments that reflect the value of the markets it covers precisely at the close of the moc price assessment process in singapore, london and Houston. by providing clear timestamps for every region the platts assessment process is designed to provide price assessments that properly reflect outright and spread values.

assessments reflect typical loading and delivery schedules for each market assessed. the standard loading and delivery windows are specified under each data code.

market structure such as backwardation and contango is also factored into the platts’ assessment process. if a company offers a cargo loading 10 days forward, the offer may provide market information for the platts assessment for barges loading 10 days forward. However, platts would still need to assess days 11 through 25 (in a 10-25 day market) and publish an assessment that reflects market value 10-25 days forward ahead of the day of assessment.

Part IV: Platts edItorIal standards

all platts’ employees must adhere to the mcgraw Hill financial code of business ethics (cobe), which has to be signed annually. the cobe reflects mcgraw Hill financial’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 quality & risk management (qrm) function that is independent of the editorial group. qrm is responsible for ensuring the quality and adherence to platts’ policies, standards, processes and procedures. the qrm team conduct regular assessments of editorial operations, including checks for adherence to published methodologies.

mcgraw Hill financial’s internal auditor, an independent group that

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reports directly to the parent company’s board of directors, reviews the platts risk assessment programs.

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 index or 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.

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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 the us and latin america. 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. such updates will be included in the next version of the methodology. platts editorial staff and managers will usually be ready to provide guidance when assessment issues require clarification.

olefIns

Pc Page

assessment currency code mavg Wavg contract tyPe contract basIs locatIon delIVery PerIod mIn sIZe max sIZe uom conV code mavg Wavg

ethylene

ethylene fd usg cts (usd) AAOSR00 spot fd usg 3-30 days forward 5 million 10 million lb 236/301/870 438 301

ethylene net transaction price cts (usd) AAKWY00 contract fd usg 5 million 10 million lb 236/301 438

ethylene posted price cts (usd) PHAJI00 contract fd usg 5 million 10 million lb 236/301 438

Propylene

refinery-grade propylene delivered usg cts (usd) AAIKS00 spot fd usg 3-30 days forward 5 million 10 million lb 237/870 439 309

chemical-grade propylene delivered usg cts (usd) PHAXI04 spot fd usg 3-30 days forward 5 million 10 million lb 237/309 439

chemical-grade propylene contract price delivered

cts (usd) PHAKA00 contract fd usg 5 million 10 million lb 237/309 439

polymer-grade propylene delivered usg cts (usd) PHAXJ04 spot fd usg 3-30 days forward 5 million 10 million lb 237/309 439

polymer-grade propylene contract price delivered

cts (usd) PHAJT00 contract fd usg 5 million 10 million lb 237/309 439

butadiene

butadiene cif usg weekly cts (usd) PHAKC00 PHBCS03 spot cif usg 3-30 days 2,000 mt 4,000 mt lb 22.046 313, 503, 858

butadiene cif usg cp cts (usd) PHAKM00 PHBCT03 contract cif usg lb 22.046 313, 503, 858

monoethylene glycol (meg)

monoethylene glycol antifreeze fob usg cts (usd) PHAXF04 PHBDG03 spot fob usg 3-30 days forward 1,000 2,000 mt 236/305

monoethylene glycol fiber contract fob usg

cts (usd) PHAXG04 PHBDH03 contract fob usg 1,000 2,000 mt 236/305

Platts Petrochemicals cracker margin (Pcm)ethane cracker margin usd ECMDM00 spot us mt 22.04 544

ethane cracker margin cts/lb cts (usd) ECMCP00 spot us lb 544

ethane/propane mix cracker margin usd EPMDM00 spot us mt 22.04 544

ethane/propane mix cracker margin cts/lb

cts (usd) EPMCP00 spot us lb 544

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propane cracker margin usd PCMDM00 spot us mt 22.04 544

propane cracker margin cts/lb cts (usd) PCMCP00 spot us lb 544

n-butane cracker margin usd NBMDM00 spot us mt 22.04 544

n-butane cracker margin cts/lb cts (usd) NBMCP00 spot us lb 544

light naphtha cracker margin usd LNMDM00 spot us mt 22.04 544

light naphtha cracker margin cts/lb cts (usd) LNMCP00 spot us lb 544

olefIns

ethylene

assessment Window: platts daily spot ethylene assessments reflect prevailing market price at 2:15 p.m. us central time each business day. platts also publishes a weekly arithmetic average of the daily assessments at the close of each business week.

timing: spot assessments reflect delivery 3-30 days forward from the date of publication. platts also posts the monthly settlement of producer contract posted reference prices.

basis and locations: spot ethylene prices are assessed on a free delivered (fd) basis into the us gulf coast pipeline system in texas. in the absence of liquidity in the texas system, deals done in the louisiana pipeline system may be considered by the editor in the assessment process.

contract Price: platts us domestic ethylene contract price reflects negotiated prices for contractual volumes for a particular month, and represent posted prices settled before discounts.

spot and contract assessments are reported in cts/lb.

standard cargo size: 5-10 million pounds for spot and contract assessments.

Product specifications: minimum purity of 99.9%.

Propylene

assessment Window: platts daily refinery grade propylene assessments reflect prevailing market price at 2:15 p.m. us central time each business day. platts also publishes a weekly arithmetic average of the daily assessments at the close of each business week. weekly chemical grade propylene and polymer grade propylene spot assessments reflect prevailing market prices at 2:15 p.m. us central time at the close of each friday, or the last trading day of the week.

timing: spot assessments reflect delivery 3-30 days forward from the date of publication. platts also posts the monthly settlement of producer contract posted reference prices.

basis and locations: spot propylene prices are assessed basis fd us gulf coast, delivered free in pipeline to buyer. deals for delivery to us destinations other than texas and louisiana may also be considered in the assessment process. platts may also consider deals for delivery by railcar in its spot propylene assessment process, and will normalize to the pipeline basis.

contract Price: platts us domestic contract price reflects negotiated prices for contractual volumes for a particular month. platts us domestic contract prices for chemical and polymer grade propylene represent posted prices settled before discounts.

spot and contract assessments are reported in cts/lb.

standard cargo size: 5-10 million pounds for spot and contract assessments.

Product specifications: refinery grade propylene: minimum purity of 65%. the price reflects the contained propylene only, not the propane stream.

chemical grade propylene: minimum purity of 94%.

Polymer grade propylene: minimum purity of 99.5%.

butadiene

assessment Window: platts daily butadiene assessments reflect prevailing market price at 2:15 p.m. us central time. platts publishes a weekly assessment each friday, or the last business day of the week.

timing: spot assessments reflect delivery 3-30 days forward from date of publication. platts also posts the monthly settlement of producer contract posted reference prices.

basis and locations: spot prices are assessed basis cif us gulf coast. in the absence of import business, the editor may use other spot business (either domestic or export) to determine an import parity price.

contract Price: platts us domestic butadiene contract price reflects negotiated prices for contractual volumes for a particular month and are assessed basis fob us gulf coast. platts us domestic butadiene contract prices represent posted prices settled before discounts.

spot and contract assessments are reported in cts/lb.

olefIns contInued

Pc Page

assessment currency code mavg Wavg contract tyPe contract basIs locatIon delIVery PerIod mIn sIZe max sIZe uom conV code mavg Wavg

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standard cargo size: imports of 2,000-4,000mt are considered for spot assessments. Volumes smaller than 2,000mt may be considered as indicators to derive an assessment.

Product specifications: minimum purity of 99.5%.

monoethylene glycol (meg)

assessment Window: platts weekly meg assessments reflect prevailing market price at 2:15 p.m. us central time each friday, or the last business day of the week.

timing: spot assessments reflect cargoes loading 3-30 days forward from the date of publication. fiber-grade contract prices are settled monthly, typically on a retroactive basis.

basis and locations: spot and contract prices are assessed basis fob

us gulf coast, and are reported in cts/lb.

standard cargo size: 1,000mt to 2,000mt for spot and contract assessments.

Product specifications: the us spot assessment covers antifreeze grade with a minimum purity of 95%. the fiber grade contract price assessment covers material with a minimum purity of 99.8%.

Platts Petrochemicals cracker margin

platts also publishes the platts petrochemicals cracker margin (pcm) spot assessment for us in cents/lb on a daily basis. the pcm aims to provide a basic calculation of the petrochemicals margins of steam cracker operators in the us.

the assessments reflect the production margin of us ethylene when fed with the basic steam cracker feedstocks ethane, propane, ethane/

propane mix (e/p mix), butane and light naphtha. all assessments will be published in cents/lb, and also converted to $/mt using a conversion factor of 22.04.

the variables used in the calculation of the pcm include the spot assessments of platts ethane (pmudb05), propane (pmaay00), butane (pmaai00), e/p mix fob mont belvieu (pmuda05), light naphtha usgc (aayeu00), full range naphtha (aalpg00), gas oil no. 1 (poaee00), ethylene fd us gulf coast(aaosr00), propylene fd us gulf coast (aaiKs00) butadiene cif usgc (pHaKc00), benzene fob usgc (pHaae00), regular rbob gasoline octane min. 83.7 fob usgc (aamfb00), fuel oil no. 6 3%s usgc waterborne (puafz00) and natural gas Houston ship channel (igbap00).

for each feedstock, the yields of various product (ethylene, propylene, butadiene, benzene, pygas, residual fuel and rbob) are calculated and the total value of output is summed. operating and feedstock costs are then subtracted resulting in a margin for each respective feedstock.

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us aromatIcs

Pc Page

assessment currency code mavg Wavg contract tyPecontract

basIslocatIon delIVery PerIod mIn sIZe max sIZe uom conV code mavg Wavg

benzene

fob us gulf benzene m1 cts (usd) PHAAE00 PHAWU04 spot fob usg anytime during that month 10,000 bbl gal 2.993 541 434 321, 362, 862

fob us gulf benzene m2 cts (usd) AAKYD00 AAKYE00 AALDC00 spot fob usg anytime during that month 10,000 bbl gal 2.993 541 434 321, 362, 862

ddp us gulf benzene m1 cts (usd) AAWDA00 AAWDA03 AAWDA04 spot ddp usg anytime during that month 10,000 bbl gal 2.993 541 434 321, 362, 862

ddp us gulf benzene m2 cts (usd) AAWDB00 AAWDB03 AAWDB04 spot ddp usg anytime during that month 10,000 bbl gal 2.993 541 434 321, 362, 862

benzene usg cp mo01 cts/gal weekly cts (usd) PHAAD00 PHAXN03 contract usg usg anytime during that month 10,000 bbl gal 2.993 321, 362, 862 434 321, 362, 862

fob us gulf benzene m3 cts (usd) AAIUL00 AAIUM00 spot fob usg anytime during that month 10,000 bbl gal 2.993 321, 362, 862 434 321, 362, 862

fob us gulf benzene q1 cts (usd) AAIUN00 AAIUO00 spot fob usg anytime during that month 10,000 bbl gal 2.993 321, 362, 862 434 321, 362, 862

toluene

fob nitn grade toluene m1 cts (usd) PHAAR00 PHAWX03 PHAWW04 spot fob usg anytime during month 10,000 bbl gal 3.04 541 434

fob nitn grade toluene m2 cts (usd) AASMY00 AASMY03 AASMY04 spot fob usg anytime during month 10,000 bbl gal 3.04 541 434

fob comm grade toluene cts (usd) PHAAO00 PHAYD03 spot fob usg anytime during month 10,000 bbl gal 3.04 325, 864 434

mixed, isomer xylenesmixed xylene usg cp cts (usd) PHBHT03 PHBHT03 contract usg usg anytime during month 10,000 bbl gal 3.03 329, 867 434

mixed xylene usg fob m1 cts (usd) PHBHN00 PHBHP03 PHBHO04 spot fob usg anytime during month 10,000 bbl gal 3.03 541 434

mixed xylene usg fob m2 cts (usd) AASMZ00 AASMZ03 AASMZ04 spot fob usg anytime during month 10,000 bbl gal 3.03 541 434

styrene monomerstyrene fob usg bal mo cts (usd) AAPDZ00 AAPDZ03 AAPDZ04 spot fob usg 3-30 days 1,000 mt 5,000 mt lb 22.046 541 434

styrene fob usg cts (usd) AAIKW00 AAIKX00 AAIUY00 spot fob usg 3-30 days 1,000 mt 5,000 mt lb 22.046 541 434

styrene us domestic transaction price weekly

cts (usd) AASIH00 contract fob usg ex-tank 3-30 days 1,000 mt 5,000 mt lb 22.046 339, 345 434

Paraxylene

paraxylene fob usg usd AAUXG00 AAUXG03 AAUXG01 spot fob usg 3-30 days 5,000 mt mt 22.046 208, 435 541 434 336

paraxylene usg cp cts (usd) PHABO00 PHAXY03 contract usg usg 3-30 days lb 22.046 208, 435 541 434 336

orthoxylene

orthoxylene usg cp cts/lb cts (usd) PHABF00 PHAXV03 contract fob us gulf monthly pc033 / pc0448 pc0434

orthoxylene fob usg cts/lb cts (usd) PHABG00 PHAXT03 spot fob us gulf 3-30 days 1,000 3,000 mt pc033 / pc0448 pc0434

methanol

methanol fob usg cts (usd) AAIKU00 AAIKV00 AAIUX00 spot fob usg 3-30 days 10,000bbl gal 3.33 872, 541 434 347, 349, 426

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methanol us domestic net cp cts (usd) AAIHB00 AAIGF00 net contract fob usg 3-30 days 10,000bbl gal 3.33 347, 349, 426

methanol usg list cp cts/gal cts (usd) PHAYC03 PHACE00 list contract fob usg 3-30 days 10,000bbl gal 3.33 347, 349, 426

methanol fob usg usd AAGJU00 AAXNJ00 spot fob usg 3-30 days 10,000bbl mt 3.33 434 347, 349, 426

mtbe

mtbe fob usg cts (usd) PHAKY00 PHAVYA03 PHAVV04 spot fob usg 5-15 days 25,000bbl

usg/10,000 nyH for netback

gal 3.55 205, 213, 541 434 343. 350

mtbe fob usgc barge mav usd PHAVQ03 spot fob usg 5-15 days 25,000bbl

usg/10,000 nyH for netback

mt 3.55 205, 213, 541 434 343. 350

cumene

cumene fob usg cts (usd) AAQJC00 AAQJC03 spot fob usg anytime that month 10,000 bbl lb 22.046 208,435 434 455

us aromatIcs contInued

Pc Page

assessment currency code mavg Wavg contract tyPecontract

basIslocatIon delIVery PerIod mIn sIZe max sIZe uom conV code mavg Wavg

us aromatIcs

benzene

assessment Window: platts daily spot benzene assessments reflect prevailing market price at 2:15 p.m. us central time each business day. platts also publishes a weekly arithmetic average of the daily assessments at the close of each business week. contract prices reflect posted monthly settlements.

timing: platts spot benzene assessments reflect monthly and quarterly forward physical delivery. platts publishes assessments for delivery of the current month (m1), second month (m2), m3, and forward quarterly assessments. these assessments are based on product trading for delivery at any time during the specified month.

platts monthly spot benzene assessments will roll from the current month to the next forward month five calendar days prior to the end of the month.

basis and locations: spot and contract prices are assessed in cts/gal,

basis fob us gulf coast, Houston-texas city area. platts also assesses spot benzene ddp us gulf coast for the current and forward months. in the absence of liquidity in this trading area, platts may consider deals in other locations on the texas gulf coast (including beaumont/port arthur and corpus christi) in the assessment process.

standard cargo size: minimum of 10,000 bbl for spot and contract assessments.

Product specifications: assessments reflect benzene that conforms to astm d-2359/90 specifications.

toluene

assessment Window: platts daily nitration grade toluene assessments reflect prevailing market price at 2:15 p.m. us central time. commercial grade toluene is assessed on a weekly basis to reflect prevailing market price at 2:15 p.m. us central time each friday, or the close of the business week.

timing: platts spot toluene assessments reflect delivery during the

current 30-day period, also known as the front-month (m1); assessments also are published for the following, or second 30-day period, also known as the forward-month (m2). these assessments are based on product trading for delivery at any time during the specified month.

platts monthly spot toluene assessments will roll from the current month to the next forward month five calendar days prior to the end of the month.

basis and locations: spot and contract prices are assessed in cts/gal, basis fob us gulf coast, Houston-texas city area. n-grade toluene typically is transported by barge, and trades on both an fob and freight-included basis. commercial-grade typically is transported by railcar. during periods of inactivity in the commercial grade market, the assessment may be based on a regrade to the nitration-grade assessment. platts also will consider deals in the assessment process in which freight, duty or other similar fees are included in the transaction; the price subsequently will be normalized to an fob-origin value.

standard cargo size: minimum of 10,000 bbl for spot and contract assessments.

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Product specifications: assessments reflect nitration-grade toluene that conforms to astm d-841 specifications. commercial grade toluene assessments reflect product suitable for hydrodealkylation or gasoline blending.

mixed, isomer xylenes

assessment window: platts assesses mixed xylene on a daily basis and isomer xylene on a weekly basis. the daily mixed xylene assessment reflects prevailing market price at 2:15 p.m. us central time. isomer xylene assessments reflect prevailing market price at 2:15 p.m. us central time each friday, or the close of the business week. contract prices reflect monthly posted agreements.

timing: platts spot xylene assessments reflect delivery during the current 30-day period, also known as the front-month (m1); assessments also are published for the following, or second 30-day period, also known as the forward-month (m2). all assessments are based on product trading for delivery at any time during the specified period.

platts monthly mixed xylene assessments will roll from the current month to the next forward month five calendar days prior to the end of the month.

basis and locations: spot and contract prices are assessed in cts/gal, basis fob us gulf coast, Houston-texas city area. in the absence of liquidity in this trading area, platts may consider deals in other locations on the texas gulf coast (including beaumont/port arthur and corpus christi) as well as as well as the gulf coast of louisiana, typically trading at fob lower mississippi river basis, in the assessment process. platts may consider deals in the assessment process in which freight, duty or other similar fees are included in the transaction; the price subsequently will be normalized to an fob-origin value.

standard cargo size: minimum of 10,000 bbl for spot and contract assessments.

Product specifications: assessments reflect mixed xylene that conforms to astm d-843 or astm-5211 (low bromine) on a daily basis, and isomer xylene that conforms to astm-5211 on a weekly basis.

styrene monomer

assessment window: platts daily styrene monomer (sm) assessments reflect prevailing market price at 2:15 p.m. us central time each business day. platts also publishes a weekly arithmetic average of the daily assessments at the close of each business week.

platts launched a weekly us domestic weekly transaction price on february 5, 2010. this assessment replaced the domestic transaction contract price for styrene, published at the close of each business week and settled retroactively.

this us domestic weekly transaction price is an assessment of the contract price in cents/lb basis ex-works us gulf coast, and would reflect styrene monomer that conforms to astm d-2827 specifications.

timing: spot assessments reflect product loading 3-30 days forward from the date of publication. platts launched an additional balance-month spot assessment on december 1, 2008, which reflects production loading during the balance of the current month.

platts monthly spot styrene assessments will roll from the current month to the next forward month five calendar days prior to the end of the month.

basis and locations: spot and contract assessments are reported in cts/lb, basis fob us gulf coast.

standard cargo size: 1,000mt to 5,000mt for spot and contract assessments.

Product specifications: assessments reflect styrene monomer that conforms to astm d-2827 specifications.

orthoxylene

assessment window: platts weekly orthoxylene assessments reflect prevailing market price at 2:15 p.m. us central time time each friday, or the close of the business week. contract prices are monthly posted agreements.

timing: platts spot orthoxylene assessments reflect product loading 3-30 days forward from the date of publication.

basis and locations: spot and contract assessments are assessed in cts/lb, basis fob us gulf coast.

standard cargo size: 1,000 to 3,000 mt for spot assessments.

Product specifications: minimum purity of 98% and a maximum 0.3% nonaromatic content by weight.

methanol

assessment window: platts daily methanol assessments reflect prevailing market price at 2:15 p.m. us central time each business day. platts also publishes weekly arithmetic averages of the daily assessments at the close of each business week.

timing: platts spot methanol assessments reflect product loading 3-30 days forward from date of publication.

basis and locations: spot prices are assessed basis fob us gulf coast (Houston – texas city area). deals done at other locations, such as the mississippi river, are generally not included in the assessment, but in the absence of Houston-texas city spot liquidity, such deals may be considered in the assessment process.

standard cargo size: minimum of 10,000 bbl for spot and contract assessments.

Product specifications: product with maximum water content of 0.1% by weight.

mtbe

assessment window: platts daily mtbe assessments reflect prevailing market price at 2:15 p.m. us central time each business day. platts also publishes weekly arithmetic averages of the daily assessments at the close of each business week.

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timing: platts spot mtbe assessments reflect product loading 5-15 days from the date of publication.

basis and locations: spot us gulf coast prices are assessed in cts/gal, basis fob Houston-texas city area. deals done outside of the Houston-texas city area will be normalized back to the location basis in the assessment process.

standard cargo size: us gulf coast minimum is 25,000 bbl.

Product specifications: mtbe of min 95%, water of max 1,500 ppm, methanol of max 500 ppm, rVp of 8-10 psi, octane of min 109 (r+m)/2,

oxygen of min 18.2% by weight.

cumene

assessment window: platts weekly cumene assessments reflect prevailing market price at 2:15 p.m. us central time time each friday, or the close of the business week. platts launched this weekly cumene assessment on may 8, 2009.

timing: platts spot cumene assessments reflect product loading in the balance of the current month, typically 5 days forward from the date of

publication. platts monthly spot cumene assessments will roll from the current month to the next forward month five calendar days prior to the end of the month.

basis and locations: spot cumene prices are assessed in cts/gal, basis fob us gulf coast.

standard cargo size: typical volume is 10,000 bbl

Product specifications: cumene conforming to astm d7057.

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latIn amerIcan aromatIcs

Pc Page

assessment currency code mavg Wavg contract tyPe contract basIs locatIon delIVery PerIod mIn sIZe max sIZe uom code mavg Wavg

benzene

benzene fob brazil usd PHATP00 PHATQ03 spot fob brazil 3-30 days forward 1,500 mt 323

toluene

toluene fob brazil usd AASAP04 AASAP03 spot fob brazil 3-30 days forward 3,000 mt 327

mixed xylenes

mixed xylenes fob brazil usd AASAQ04 AASAQ03 spot fob brazil 3-30 days forward 3,000 mt 327

latIn amerIcan aromatIcs

benzene

assessment window: weekly assessments reflect prevailing market price at 2:15 p.m. us central time each friday, or the close of the business week.

timing: spot weekly assessments reflect product loading 3-30 days forward from the date of publication.

basis and locations: spot prices are assessed basis fob brazil, in $/mt.

standard cargo size: minimum volume of 1,500mt.

Product specifications: assessments reflect benzene that conforms to astm d-2359/90 specifications.

toluene

assessment window: weekly assessments reflect prevailing market price at 2:15 p.m. us central time each friday, or the close of the business week.

timing: spot weekly assessments reflect product loading 3-30 days forward from the date of publication.

basis and locations: spot prices are assessed basis fob brazil, in $/mt.

standard cargo size: minimum volume of 3,000mt.

Product specifications: assessments reflect toluene that conforms to astm d841 (nitration grade) specifications.

mixed xylenes

assessment window: weekly assessments reflect prevailing market price at 2:15 p.m. us central time each friday, or the close of the business week.

timing: spot weekly assessments reflect product loading 3-30 days forward from the date of publication.

basis and locations: spot prices are assessed basis fob brazil, in $/mt.

standard cargo size: minimum volume of 3,000mt.

Product specifications: assessments reflect mixed xylenes that conforms to astm d5211 (isomer grade) specifications.

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us Polymers

Pc Page

assessment currency code mavg Wavg contract tyPe contract basIs locatIon delIVery PerIod mIn sIZe max sIZe uom code mavg Wavg

Polyethylenes

Hdpe blowmolding fas Houston usd PHAHG00 PHBBF03 spot fas Houston 3-30 days forward 250 mt 572/273/623 442

Hdpe blowmolding usgc weekly usd AAWCZ00 AAWCZ03 spot fas Houston 3-30 days forward 250 mt 273/623 442

Hdpe injection fas Houston weekly usd PHAHJ00 PHBBA03 spot fas Houston 3-30 days forward 250 mt 273/623 442

Hdpe Hmw film fas Houston weekly usd AAHYA00 AAHYB00 spot fas Houston 3-30 days forward 250 mt 273/623 442

ldpe fas Houston usd PHAHP00 PHBAR03 AAQNT00 spot fas Houston 3-30 days forward 250 mt 572/265/623 442 573

lldpe butene fas Houston usd PHAGX00 PHBAV03 AAQNU00 spot fas Houston 3-30 days forward 250 mt 572/269/623 442 573

Hdpe blowmolding us domestic dlvd railcar cts (usd) AALBL00 AALBM00 contract delivered railcar us domestic 50 million lb/yr 273/623

Hdpe injection us domestic dlvd railcar cts (usd) AALBN00 AALBO00 contract delivered railcar us domestic 50 million lb/yr 273/623

Hdpe film us domestic dlvd railcarcts (usd) AASJH00 /

AALBP00AALBQ00 contract delivered railcar us domestic 50 million lb/yr 273/623

lldpe butene us domestic dlvd railcar cts (usd) AAGZO00 AAGNM00 contract delivered railcar us domestic 100 million lb/yr 269/623

ldpe us domestic dlvd railcar cts (usd) AAGZN00 AAGNL00 contract delivered railcar us domestic 100 million lb/yr 265/623

Hdpe blowmolding domestic dlvd railcar usd AASJG00 AASJG03 contract delivered railcar us domestic 22,675 mt/yr 623

Hdpe injection us domestic dlvd railcar usd AASJA00 AASJA03 contract delivered railcar us domestic 22,675 mt/yr 623

Hdpe Hmw film us domestic dlvd railcar usd AASJH00 AASJH03 contract delivered railcar us domestic 22,675 mt/yr 623

lldpe butene us domestic dlvd railcar usd AASIZ00 AASIZ03 contract delivered railcar us domestic 45,350 mt/yr 623

ldpe us domestic dlvd railcar usd AASIY00 AASIY03 contract delivered railcar us domestic 45,350 mt/yr 623

Polypropylene

pp Homopolymer injection fas Houston usd PHAIB00 PHBBU03 AAQNV00 spot fas Houston 3-30 days forward 250 mt 572/281 442 573

pp co-polymer fas Houston usd PHAHV00 PHBCH03 spot fas Houston 3-30 days forward 250 mt 281/623 442

pp Homopolymer injection delivered railcar cts (usd) AAGZL00 AAGNJ00 contract delivered railcar us domestic 20 million lb/yr 281/623

pp fiber delivered railcar cts (usd) AAGZM00 AALBS00 contract delivered railcar us domestic 20 million lb/yr 281/623

pp Homopolymer injection delivered railcar usd AASJK00 AASJK03 contract delivered railcar us domestic 9,000 mt/yr 623

pp fiber delivered railcar usd AASJL00 AASJL03 contract delivered railcar us domestic 9,000 mt/yr 623

Polystyrene

gpps us domestic dlvd railcar weekly cts (usd) AAGZP00 AAGNN00 contract delivered railcar us domestic 3-30 days 25 million 50 million lb/yr 277, 420 442

Hips us domestic dlvd railcar weekly cts (usd) AAGZQ00 AAGNO00 contract delivered railcar us domestic 3-30 days 25 million 50 million lb/yr 277, 420 442

gpps us domestic dlvd railcar weekly usd AASJI00 AASJI03 contract delivered railcar us domestic 3-30 days 11, 338 22,675 mt/yr 277, 420 442

Hips us domestic dlvd railcar weekly usd AASJJ00 AASJJ03 contract delivered railcar us domestic 3-30 days 11,338 22,675 mt/yr 277, 420 442

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gpps fas Houston weekly usd PHAIH00 PHBBK03 spot fas Houston 3-30 days 250 mt mt 277, 420

Hips fas Houston weekly usd PHAIN00 PHBBP03 spot fas Houston 3-30 days 250 mt mt 277, 420

abs

abs inj us domestic dlvd railcar weekly cts (usd) AARTU00 AARTU03 contract delivered railcar railcar 3-30 days 30 million 50 million lb/yr 285 442

abs inj us domestic dlvd railcar weekly usd AASJM00 AASJM03 contract delivered railcar railcar 3-30 days 13,605 22,675 mt/yr 285 442

Polyvinyl chloride

pVc susp fas Houston usd PHAIT00 PHBAM03 spot fas Houston 3-30 days forward 250 mt 623/261 442

pVc susp us domestic dlvd railcar weekly usd AASIX00 AASIX03 contract delivered railcar us domestic 68,058 mt/yr 623

pVc susp us domestic dlvd railcar cts/lb weekly cts (usd) AAGZR00 AAGNP00 contract delivered railcar us domestic 150 million lb/yr 623

Polyethylene terephtalate (Pet)

pet bottle grade ddp uswc usd AASMM00 AASMM03 spot ddp us west coast 3-30 days 100 mt 630

pet bottle grade us rail cp usd AASMN00 contract delivered railcar us domestic 20 million lb/yr 630

us Polymers

Polyethylenes

assessment window: platts assesses ldpe, lldpe and Hdpe blowmoulding export prices daily and ldpe, lldpe and Hdpe domestic prices weekly. platts assess Hdpe export and domestic prices weekly. daily assessments reflect prevailing market price at 2:15 p.m. us central time each business day. weekly assessments reflect the market price at 2:15 p.m. us central time each wednesday. platts also publishes a weekly arithmetic average of the daily ldpe, lldpe and Hdpe assessments at the close of each business week.

timing: us export assessments reflect material loading 3-30 days forward from the date of publication. domestic assessments posted on a weekly basis are contract pricing for large us buyers.

basis and location: us export prices are assessed for material bagged, basis free-along-ship (fas) Houston area. the bulk of us spot export

business is traded on a producer-to-trader basis. domestic contract prices are for material delivered by a railcar.

standard cargo size: us export assessments reflect volumes of 250mt or greater. ld and lldpe domestic assessments reflect contract volumes of 100 million lb/yr or more. Hdpe assessments reflect contract volumes of 50 million lb/yr or more.

Product specifications: ldpe assessment basis reflects product with a melt flow index of 1.8-2.5. lldpe assessment reflects butene-1 grade with a melt flow rate of around 1.0. High density polyethylene (Hdpe): us assessments reflect both injection and blow-molding grades. injection grade assessments reflect material with a melt flow rate of 2.0-25, with the majority of business focused on crate grade material

with a melt flow index between 5-11. blow-molding grade assessments reflect product with a melt flow rate 0.25 and higher. film grade assessments reflect product with a melt flow rate of 0.07-0.18.

Polypropylene

assessment window: platts assesses pp homopolymer injection grade spot export prices daily. domestic pp homopolymer injection grade contracts, pp copolymer export and domestic homo polymer fiber contract prices are assessed weekly. daily assessments reflect prevailing market price at 2:15 p.m. us central time each business day. weekly assessments reflect prevailing market price at 2:15 p.m. us central time

each wednesday. platts also publishes a weekly arithmetic average of the daily pp homopolymer injecton grade assessments at the close of each business week.

timing: us export assessments reflect material loading 3-30 days forward from the date of publication. domestic assessments posted on a weekly basis are contract pricing for large us buyers.

basis and locations: us export prices are assessed for material

us Polymers

Pc Page

assessment currency code mavg Wavg contract tyPe contract basIs locatIon delIVery PerIod mIn sIZe max sIZe uom code mavg Wavg

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bagged, basis free-along-ship (fas) Houston area. the bulk of us spot export business is traded on a producer-to-trader basis. platts reserves the right to include other spot export business, which may be done between producers, consumers and traders. domestic contract prices are for material delivered by a railcar.

standard cargo size: us export assessments reflect volumes of 250mt or greater. domestic railcar assessments reflect contract volumes of 20 million lbs/yr or more.

Product specifications: raffia and injection-grade material are considered in the pp homopolymer daily export assessment, with a melt flow index of 2.5-10. pp copolymer assessments include the range of block grade on the low end and random grade on the high end.

Polystyrene

assessment window: platts weekly spot polystyrene (ps) assessments reflect prevailing market price at 2:15 p.m. us central time each wednesday.

timing: us export assessments reflet material loading 3-30 days forward from the date of publication. domestic assessments posted on a weekly basis are contract pricing for large us buyers.

basis and locations: spot exports are assessed basis fas Houston, in $/mt. the bulk of us spot export business is traded on a producer-to-trader basis. domestic contract prices are for material delivered by a railcar, assessed in cts/lb.

standard cargo size: us export assessments reflect volumes of 250mt or greater. domestic railcar assessments reflect volumes of 25 million to 50 million lb/yr.

Product specifications: platts assesses both general purpose (gpps)

and high impact (Hips) polystyrene in the us gulf coast. the gpps assessment reflects product with a melt flow index of 8-12. the Hips assessment reflects product with a melt flow index of 3-8.

abs

assessment Window: platts weekly abs assessments reflect prevailing market price at 2:15 p.m. us central time each wednesday.

timing: us domestic assessments reflect product loading 3-30 days forward from the date of publication. these assessments are estimates of monthly contract pricing for large us buyers.

basis and locations: us domestic contract prices reflect material in rail cars, delivered to the buyer.

standard cargo size: domestic railcar assessments reflect contract volumes between 30-mil to 50-mil lb/yr.

Product specifications: abs assessments reflect average injection-grade material with a melt flow index between 10-40.

Polyvinyl chloride

assessment window: platts weekly polyvinyl chloride (pVc) assessments reflect the market price at 2:15 p.m. us central time each wednesday.

timing: us export assessments reflect material loading 3-30 days forward from the date of publication. domestic assessments posted on a weekly basis are contract pricing for large us buyers.

basis and locations: spot exports are assessed basis fas Houston, in $/mt. the bulk of us spot export business is traded on a producer-

to-trader basis. domestic contract prices are for material delivered by a railcar, assessed in cts/lb.

standard cargo size: us export assessments reflect volumes of 250mt or greater. domestic railcar assessments reflect contract volumes of 150-million pounds per year.

Product specifications: assessments reflect pipe grade product with a K-value of 65.

Polyethylene terephthalate

assessment window: platts weekly polyethylene terephthalate (pet) assessments reflect prevailing market price at 2:15 p.m. us central time each wednesday.

timing: us import assessments reflect delivery 3-30 days forward from date of publication. domestic assessments posted on a weekly basis are contract pricing for large us buyers.

basis and location: spot import material is assessed on a ddp (delivered, duty paid) us west coast basis. domestic contract prices are for material delivered by a railcar, assessed in $/mt.

standard cargo size: ddp uswc assessments reflect a minimum volume of 100mt. us domestic railcar assessments are for contract volumes of 20 million lbs/yr or more.

Product specifications: assessments reflect bottle grade pet with an internal viscosity of 0.76-0.84.

standard cargo size: minimum 20mt lots for domestic business, 300mt lots for export business.

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latIn amerIcan Polymers

Pc Page

assessment currency code mavg Wavg contract tyPe contract basIs locatIon delIVery PerIod mIn sIZe max sIZe uom code mavg Wavg

Polyethylenes

Hdpe Hmw film fot brazil usd PHATX00 PHATY03 spot fot brazil 3-30 days forward 100 mt 246/275 463

Hdpe Hmw film cfr brazil usd AAVRF04 AAVRF03 spot cfr brazil 20-40 days forward 250 mt 246/275

Hdpe Hmw film cfr peru usd AASVM00 AASVM03 spot cfr peru 20-40 days forward 100 300 mt 246/275 463

Hdpe injection fot brazil usd PHATZ00 PHAUA03 spot fot brazil 3-30 days forward 100 mt 246/275 463

Hdpe injection cfr brazil usd AAVRD04 AAVRD03 spot cfr brazil 20-40 days forward 250 mt 246/275

Hdpe injection cfr peru usd AASVK00 AASVK03 spot cfr peru 20-40 days forward 100 300 mt 246/275 463

Hdpe blowmolding fot brazil usd PHAVZ00 PHATW03 spot fot brazil 3-30 days forward 100 mt 246/275 463

Hdpe blowmolding cfr brazil usd AAVRE04 AAVRE03 spot cfr brazil 20-40 days forward 250 mt 246/275

Hdpe blowmolding cfr peru usd AASVL00 AASVL03 spot cfr peru 20-40 days forward 100 300 mt 246/275 463

ldpe fot brazil usd PHAUD00 PHAUE03 spot fot brazil 3-30 days forward 100 mt 246/267 463

ldpe cfr brazil usd AAVRB04 AAVRB03 spot cfr brazil 20-40 days forward 250 mt 246/267

ldpe cfr peru usd AASVI00 AASVI03 spot cfr peru 20-40 days forward 100 300 mt 246/267 463

lldpe butene fot brazil usd PHATT00 PHATU03 spot fot brazil 3-30 days forward 100 mt 246/271 463

lldpe butene cfr brazil usd AAVRC04 AAVRC03 spot cfr brazil 20-40 days forward 250 mt 246/271

lldpe butene cfr peru usd AASVJ00 AASVJ03 spot cfr peru 20-40 days forward 100 300 mt 246/271 463

Polypropylene

pp Homopolymer fot brazil usd PHATN00 PHATO03 spot fot brazil 3-30 days forward 100 mt 246/283 463

pp Homopolymer cfr brazil usd AAVRA04 AAVRA03 spot cfr brazil 20-40 days forward 250 mt 246/283

pp Homopolymer cfr peru usd AASVO00 AASVO03 spot cfr peru 20-40 days forward 100 300 mt 246/283 463

pp co-polymer fot brazil usd PHATL00 PHATM03 spot fot brazil 3-30 days forward 100 mt 246/283 463

pp co-polymer cfr brazil usd AAVRG04 AAVRG03 spot cfr brazil 20-40 days forward 250 mt 246/283

pp co-polymer cfr peru usd AASVN00 AASVN03 spot cfr peru 20-40 days forward 100 300 mt 246/283 463

Polyvinyl chloride

pVc suspension cfr brazil usd AAVPZ04 AAVPZ03 spot cfr brazil 20-40 days forward 250 mt 246/818

pVc suspension cfr peru usd AASVH00 AASVH03 spot cfr peru 20-40 days forward 100 300 mt 246/818 463

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latIn amerIcan Polymers

Polyethylenes

assessment window: platts weekly assessments for low-density polyethylene (ldpe), linear low-density pe, injection grade high-density pe, blow-molding Hdpe and high-molecular weight film grade Hdpe reflect prevailing market price at 2:15 p.m. us central time each wednesday.

basis and locations: spot prices are assessed basis free-on-truck (fot) brazil (to mercosur members argentina, uruguay or paraguay). west coast latin american prices are assessed basis cfr peru with credit of 90-150 days. brazilian import prices are assessed on a cfr brazil main port basis, excluding duty, with credit of 90 days. all assessments are $/mt.

timing: fot brazil assessments reflect material loading 3-30 days forward from the date of publication. cfr peru and cfr brazil assessments reflect material for delivery 20-40 days forward from the date of publication.

standard cargo size: minimum of 100mt for fot brazil assessments, and 100-300 mt for cfr peru assessments. cfr brazil assessments reflect a minimum cargo size of 250 mt.

Product specifications: low density polyethylene: assessments reflect

product within the melt flow range of 0.1-3.5.

linear low density Polyethylene: assessments reflect product that is butene-1 grade with a melt flow rate of around 1.0.

High density Polyethylene: assessments reflect product that is injection grade, blow-molding grade or high molecular weight film grade. injection grade assessments cover material with a melt flow rate of 2.0-25. blow-molding and film grade assessments cover product within the melt flow range of 2.0-16.0.

Polypropylene

assessment window: platts weekly assessments for homopolymer and copolymer grade polypropylenes reflect prevailing market price at 2:15 p.m. us central time each wednesday.

basis and locations: spot prices are assessed basis free-on-truck (fot) brazil (to mercosur members argentina, uruguay or paraguay). west coast latin american prices are assessed basis cfr peru with credit of 90-150 days. brazilian import prices are assessed on a cfr brazil main port basis, excluding duty, with credit of 90 days.all assessments are $/mt.

timing: fot brazil assessments reflect material loading 3-30 days from the date of publication. cfr peru and cfr brazil assessments reflect material for delivery 20-40 days forward from the date of publication.

standard cargo size: minimum of 100mt. for fot brazil assessments, and 100-300 mt for cfr peru assessments. cfr brazil assessments reflect a minimum cargo size of 250 mt.

Product specifications: Homopolymer pp assessments reflect product within the melt flow range of 0.8-35.0. copolymer pp assessments reflect product with a melt flow range of 1.5-25.0.

Polyvinyl chloride

assessment window: platts weekly polyvinyl chloride (pVc) assessments reflect the market price at 2:15 p.m. us central time each wednesday.

basis and locations: west coast latin american prices are assessed basis cfr peru with credit of 90-150 days. brazilian import prices are assessed on a cfr brazil main port basis, excluding duty, with credit of 90 days. all assessments are $/mt.

timing: cfr peru and cfr brazil assessments reflect material for delivery 20-40 days forward from the date of publication.

standard cargo size: cfr peru assessments reflect cargoes of 100-300 mt. cfr brazil assessments reflect a minimum cargo size of 250 mt.

Product specifications: assessments reflect pipe grade product with a K-value of 65.

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us IntermedIates

Pc Page

assessment currency code mavg Wavg contract tyPe contract basIs locatIon delIVery PerIod mIn sIZe max sIZe uom conV code mavg Wavg

normal butanol

normal butanol fob usg weekly usd PHAQS00 PHAQT03 spot fob usg 3-30 days 500 mt 161, 244 459

normal butanol us domestic weekly cts (usd) PHAQU00 PHAQV03 contract delivered east rockies 3-30 days 44,000 45,000 lb 22.046 161, 244 459

2-ethyl hexanol

2-eH fob usg weekly usd PHAQW00 PHAQX03 spot fob usg 3-30 days 500 mt 161, 244 459

2-eH us domestic weekly cts (usd) PHAQY00 PHAQZ03 contract delivered east rockier 3-30 days 44,000 45,000 lb 22.046 161, 244 459

dioctyl Phthalate

dop fd us domestic weekly cts (usd) PHARA00 PHARB03 spot fd east rockies 3-30 days 44,000 45,000 lb 22.046 161, 244 459

Phthalic anhydride

pa fl fd us domestic cts/lb cts (usd) PHARE00 PHARF03 contract delivered der monthly cp 500 1,000 mt 170 459

pa fl fd us domestic cts/lb cts (usd) PHARC00 PHARD03 contract delivered der monthly cp 500 1,000 mt 170 459

acetic acid, Vam

acetic acid fob usg cts/lb weekly cts (usd) AAIHD00 AAIHE00 contract ex-plant fob usg quarterly 40 million lb/yr 22.046 172, 171, 244 459

acetic acid usg export weekly usd PHARG00 PHARH03 spot fob usg 3-30 days 1,000 mt 22.046 172, 171, 244 459

Vam fob usg cts/lb weekly cts (usd) AAIHF00 AAIHG00 contract ex-plant fob usg quarterly 100 million lb/yr 22.046 172, 171, 244 459

Vam fob usg export weekly usd PHARK00 PHARL03 spot fob usg 3-30 days 1,000 mt 22.046 172, 171, 244 459

acrylonitrile

acn fob usg export weekly usd PHARO00 PHARP03 spot fob usg 3-30 days 2,000 3,000 mt 175, 1175, 244 459

acn fd us domestic weekly cts (usd) PHARQ00 PHARR03 contract ex-plant fob usg 3-30 days lb 22.046 175, 1175, 244 459

ethylene dichloride/Vinyl chloride monomer

edc fob usg weekly usd PHARS00 PHART03 spot fob usg 3-30 days forward 2,000 3,000 mt 182/244 459

Vcm fob usg weekly usd PHARW00 PHARX03 spot fob usg 3-30 days forward 1,000 3,000 mt 182/244 459

Vcm us domestic delivered cts/lb weekly cts (usd) PHARY00 PHARZ03 spot delivered via railcar us domestic 3-30 days forward 1,000 3,000 mt 182/244 459

Purified terephthalic acid

pta cfr north america delivered cp monthly usd AAUNY04 contract cfr north america monthly 200,000 220,000 lb 532

pta cfr north america delivered cp cts/lb monthly cts (usd) AAUNY00 contract cfr america monthly 200,000 220,000 lb 532

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us IntermedIates

normal butanol

assessment window: platts weekly normal butanol assessments reflect prevailing market price at 2:15 p.m. us central time each thursday.

timing: us export assessments reflect material loading 3-30 days forward from the date of publication. domestic assessments reflect prices made available to the domestic distribution market, typically on a monthly basis.

basis and locations: spot export prices are assessed basis fob us gulf coast. domestic monthly term prices are assessed basis delivered east of the rockies (der) to medium-sized customers by tank car or truck.

standard cargo size: minimum of 500mt for export assessments; 44,000-45,000lbs for domestic assessments.

Product specifications: minimum purity of 99%, and maximum water content of 0.05%.

2-ethyl Hexanol

assessment window: platts weekly 2-ethyl hexanol assessments reflect prevailing market price at 2:15 p.m. us central time each thursday.

timing: us export assessments reflect material loading 3-30 days forward from date of publication. domestic assessments reflect prices made available to the domestic distribution market, typically on a monthly basis.

basis and locations: spot export prices are assessed basis fob us gulf coast. domestic monthly term prices are assessed basis delivered east of the rockies (der) to medium-sized customers by tank car or truck.

standard cargo size: minimum of 500mt for export assessments; 44,000-45,000 lbs for domestic assessments.

Product specifications: minimum purity of 99%. maximum water content of 0.05%.

Phthalic anhydride

assessment window: platts weekly phthalic anhydride assessments reflect prevailing market price at 2:15 p.m. us central time each thursday.

timing: domestic assessments reflect monthly contract prices. contracts settled with ox with a one-month lag.

basis and locations: domestic monthly term prices are assessed basis delivered east of the rockies (der) to medium-sized customers.

standard cargo size: 500-1000mt.

Product specifications: platts assessments reflect both molten and flake product with minimum purity of 99.5%. residual maleic anhydride content is a maximum 0.15%.

acetic acid, Vam

assessment window: platts weekly acetic acid (aa) and Vam assessments reflect the market price at 2:15 p.m. us central time each

thursday.

timing: us export assessments reflect material loading 3-30 days forward from date of publication. domestic assessments reflect quarterly pricing settlements but can reflect inter-quarter domestic pricing adjustments.

basis and locations: export prices are assessed basis fob us gulf coast. domestic prices are assessed basis ex-plant fob us gulf coast.

standard cargo size: export aa assessments reflect cargoes with a minimum volume of 1,000mt. domestic aa assessments reflect contract volumes of 40-million pounds per year. export Vam assessments reflect cargoes with a minimum volume of 1,000mt. domestic Vam assessments reflect contract volumes of 100-million pounds per year.

Product specifications: aa: 99.8% purity, maximum water content of 100ppm. Vam: 99.9% purity

acrylonitrile

assessment window: platts weekly acrylonitrile assessments reflect prevailing market price at 2:15 p.m. us central time each tuesday.

timing: us export assessments reflect material loading 3-30 days forward from date of publication. domestic assessments reflect monthly contract prices. prices can settle retroactively.

basis and locations: export prices are assessed basis fob us gulf coast. domestic prices are assessed basis ex-plant fob us gulf coast.

standard cargo size: 2,000-3,000mt for export assessments.

Product specifications: minimum purity of 99%, maximum acetonitrile content of 500 ppm. maximum water content of 0.5%.

ethylene dichloride/Vinyl chloride monomer

assessment window: platts weekly edc and Vcm assessments reflect prevailing market price at 2:15 p.m. us central time each thursday.

timing: assessments reflect material loading 3-30 days forward from the date of publication.

basis and locations: spot edc and Vcm export prices are assessed basis fob us gulf coast. Vcm is also assessed on a domestic monthly term basis, delivered.

standard cargo size: edc assessments reflect 2,000-3,000mt lots; Vcm assessments reflect 1,000-3,000mt lots.

Product specifications: edc: 99.8% purity, maximum water content of 100ppm. Vcm: 99.9% purity.

Purified terephthalic acid

assessment window: platts weekly purified terephthalic acid assessments reflect prevailing market price at 2:15 p.m. us central time each thursday.

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timing: assessments reflect monthly contract prices. prices can settle retroactively.

basis and location: weekly prices are assessed basis delivered railcar cfr north america, in cts/lb.

standard cargo size: 200,000-220,000 lbs.

specifications: fiber-grade pta with a minimum purity of 99.6%.

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us Hydrocarbon solVents

Pc Page

assessment currency code mavg Wavg contract tyPe contract basIs locatIon delIVery PerIod mIn sIZe max sIZe uom conV code mavg Wavg

solvent toluene and xylenes

solvent toluene fob usg cts (usd) AAHRU00 AAHRV00 spot fob usg 3-30 days 47,000 lb 22.046 372, 373, 241 446

solvent toluene fob chicago cts (usd) AAHRW00 AAHRX00 spot fob chicago 3-30 days 47,000 lb 22.046 372, 373, 241 446

solvent xylene fob usg cts (usd) AAHRY00 AAHRZ00 spot fob usg 3-30 days 47,000 lb 22.046 372, 373, 241 446

solvent xylene fob chicago cts (usd) AAHSA00 AAHSB00 spot fob usg 3-30 days 47,000 lb 22.046 372, 373, 241 446

HexaneHexane g-p fob usg cts/lb weekly cts (usd) AANTM00 AANTM03 spot fob usg 3-30 days 55 mt truck, 90 railcar lb 22.046 372, 373, 241 446

Hexane g-p der ex-tank cts/gal weekly cts (usd) AANTN03 AANTN00 contract fd der 3-30 days 55 mt truck, 90 railcar gal 3.92 372, 373, 241 446

Hexane g-p der ex-tank cts/lb weekly cts (usd) AANTO00 AANTO03 contract fd der 3-30 days 55 mt truck, 90 railcar lb 22.046 372, 373, 241 446

us Hydrocarbon solVents

solvent toluene and xylenes

assessment window: platts weekly solvent toluene and xylene assessments reflect prevailing market price at 2:15 p.m. us central time each tuesday.

timing: assessments reflect material loading 3-30 days forward from date of publication.

basis and locations: solvent-grade toluene and xylenes are assessed basis fob us gulf coast and chicago, rack to distributors.

standard cargo size: assessments are based on deals to distributors in truck or rail quantities of 47,000 lbs or more.

Product specifications: platts assessments reflect solvent-grade mixed xylenes that conforms to astm d-843 and nitration-grade toluene that conforms to astm d-841, minimum purity of 99.7%.

Hexane

assessment window: platts weekly hexane assessments reflect prevailing market price at 2:15 p.m. us central time each tuesday.

timing: assessments reflect loading 3-30 days forward from date of publication.

basis and locations: spot prices are assessed basis fob us gulf coast, in cts/lb and cts/gal, and basis delivered east of the rockies (der) ex-tank, in cts/lb.

standard cargo size: minimum of 55 ton, or minimum of 90 ton railroad tank cars.

Product specifications: minimum 60% n-hexane, fewer than 10 ppm benzene.

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us cHlor alkalI

Pc Page

assessment currency code mavg Wavg contract tyPe contract basIs locatIon delIVery PerIod mIn sIZe max sIZe uom conV code mavg Wavg

caustic sodacaustic soda domestic fob us plant cp $/st

usd AANTJ00 contract fob us plantdomestic river

barge800 100 dry st 243 380

caustic soda spot fob us plant usd AANTH00 AANTH03 spot fob us plant domestic railcar 3-30 days forward 34 55 dry st 243 380

caustic soda fob usg weekly usd AANTI00 AANTI03 spot fob usg usg sea barge 3-30 days forward 650 1,300 dry mt 243 380

chlorine

chlorine dom cp fob us plant usd AANTL00 contract fob us plant domestic railcar 85 95 dry st 243 380

chlorine spot dom fob us plant usd AANTK00 AANTK03 spot fob us plant domestic railcar 3-30 days forward 85 95 dry st 243 380

us cHlor alkalI

caustic soda

assessment window: platts weekly caustic soda assessments reflect prevailing market price at 2:15 p.m. us central time each tuesday.

timing: spot export assessments reflect material loading 3-30 days forward from date of publication. contract assessments are posted prices, which can be settled retroactively.

basis and locations: domestic contract: prices assessed basis ex-plant us, $/short ton.

spot domestic: prices assessed basis ex-plant us, in $/st.

spot export: prices assessed basis fob us gulf coast, in $/mt.

standard cargo size: domestic contract: one river barge (800-1,000 dry tons per barge).

spot domestic: one railcar (34-55 dry tons).

spot export: one seagoing barge (650-1,300 dry tons).

Product specifications: 50% solution commercial grade (liquid): sodium hydroxide content: 49.00%-51.00%; sodium oxide content: 38%-40%; and salt: 1% (10,000 ppm).

chlorine

assessment window: platts weekly chlorine assessments reflect prevailing market price at 2:15 p.m. us central time each tuesday.

timing: spot assessments reflect material loading 3-30 days forward from date of publication. contract assessments are posted prices, which can be settled retroactively.

basis and locations: domestic contract: prices assessed basis ex-plant us, in $/short ton.

spot domestic: prices assessed basis ex-plant us, in $/short ton.

standard cargo size: domestic and spot mostly in tank cars: 85-95 dry tons per car .

Product specifications: commercial grade chlorine, with minimum 97% purity, maximum water content of 50 ppm.

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us oxygenated solVents

Pc Page

assessment currency code mavg Wavg contract tyPecontract

basIslocatIon delIVery PerIod mIn sIZe max sIZe uom conV code mavg Wavg

Isopropyl alcohol

ipa fob usg weekly usd PHADD00 PHAYG03 spot fob usg 3-30 days 400 600 mt 22.046 379, 400, 242 447

ipa der us domestic weekly usd PHAYH03 PHAYH03 contract fd der 3-30 days 44,000 lb truck/185,000 rail

45,000 lb truck/ 185,000 rail

mt 22.046 379, 400, 242 447

Phenol

phenol fob weekly (export) usd PHAGE00 PHAYK03 spot fob usg 3-30 days 500 1,000 mt 22.046 379, 400, 242 447

phenol der ex-tank weekly (domestic) usd PHAGH00 PHAYL03 spot ex-tank der 3-30 days 44,000 lb 45,000 lb mt 22.046 379, 400, 242 447

acetone

acetone t1 fob usg weekly cts (usd) PHADJ00 PHAYN03 spot fob usg 3-30 days 500 1,000 mt 22.046 379, 400, 242 447

acetone contract (t2 der us) cts (usd) AAHYC00 AAHYD00 contract usg 3-30 days 44,000 lb 45,000 lb mt 22.046 379, 400, 242 447

methyl ethyl ketone

meK fob usg weekly usd PHADQ00 PHAYT03 spot fob usg 3-30 days 500 1,000 mt 22.046 379, 400, 242 447

meK der us domestic weekly usd PHADT00 PHAYU03 contract usg 3-30 days 44,000 lb 45,000 lb mt 22.046 379, 400, 242 447

methy isobutyl ketone

mibK fob usg weekly usd PHADW00 PHAYX03 spot fob usg 3-30 days 250 500 mt 22.046 379, 400, 242 447

mibK der us domestic weekly usd PHADZ00 PHAYY03 contract fd der 3-30 days 44,000 lb 45,000 lb mt 22.046 379, 400, 242 447

ethyl acetate

ethyl acetate fob usg weekly usd PHAEC00 PHAYZ03 spot fob usg 3-30 days 250 500 mt 22.046 379, 400, 242 447

ethyl acetate der us domestic weekly usd PHAEF00 PHAZC03 contract fd der 3-30 days 44,000 lb 45,000 lb mt 22.046 379, 400, 242 447

n-butyl acetate

butyl acetate fob usg weekly usd PHAEI00 PHAZF03 spot fob usg 3-30 days 250 500 mt 22.046 379, 400, 242 447

butyl acetate der us domestic weekly usd PHAEL00 PHAZG03 contract fd der 3-30 days 44,000 lb 45,000 lb mt 22.046 379, 400, 242 447

Industrial grade ethanolindustrial ethanol 190 fob dsp cts/gal weekly

cts (usd) AANTP00 AANTP03 contract fob dsp 3-30 days 6,500 gal 2.99 379, 400, 242 447

industrial ethanol 200 fob dsp cts/gal weekly

cts (usd) AANTR00 AANTR03 contract fob dsp 3-30 days 6,500 gal 2.99 379, 400, 242 447

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us oxygenated solVents

Isopropyl alcohol

assessment window: platts weekly isopropyl alcohol assessments reflect prevailing market price at 2:15 p.m. us central time each tuesday.

timing: us export assessments reflect material loading 3-30 days forward from the date of publication. domestic assessments reflect prices made available to the domestic distribution market, typically on a monthly basis.

basis and locations: export prices are assessed basis fob us gulf coast, in $/mt. us domestic prices are assessed on a basis delivered (by truck or rail) east of the rockies (der), in $/mt. domestic prices reflect producer-to-distributor prices, before discounts.

standard cargo size: export assessments reflect spot cargoes of 400-600mt. domestic assessments reflect deals to distributors in quantities of 44,000 lbs to 45,000 lb (in truck) and 185,000 lbs (in railcar).

Product specifications: maximum 100 ppm aromatics content, maximum sulphur content of 1 ppm and minimum product purity of 50%. minimum alcohol content is 99.5%. maximum water content is 0.3%.

Phenol

assessment window: platts weekly phenol assessments reflect prevailing market price at 2:15 p.m. us central time each tuesday.

timing: us export assessments reflect material loading 3-30 days forward from the date of publication. domestic assessments are on an ex-tank basis and reflect monthly contract transaction prices.

basis and locations: export prices are assessed basis fob us gulf coast basis, in $/mt. domestic contract prices are assessed basis delivered east of the rockies (der) ex-tank, in $/mt. truck and rail deliveries are also considered as they relate to ex-tank prices.

standard cargo size: export assessments reflect 500mt-1000mt. us domestic assessments reflect deals to distributors in truck quantities of

44,000-45,000 lbs.

Product specifications: minimum purity of 99.9%. maximum water content of 0.08%.

acetone

assessment window: platts weekly acetone assessments reflect prevailing market price at 2:15 p.m. us central time each tuesday.

timing: us export assessments reflect material loading 3-30 days forward from the date of publication. domestic assessments are on a truck/rail basis and reflect monthly contract transaction prices.

basis and locations: spot export prices are assessed basis fob us gulf coast, in $/mt. us domestic prices are assessed basis delivered east of the rockies (der), in $/mt. t1 is for solvent use, sold in truckloads in the distribution market. t2 is for methyl methacrylate use.

standard cargo size: export assessments reflect 500mt-1000mt. us domestic truck assessments reflect 44,000-45,000 lbs.

Product specifications: minimum acetone content of 99%. maximum water content of 0.35%.

methyl ethyl ketone

assessment window: platts methyl ethyl ketone assessments reflect prevailing market price at 2:15 p.m. us central time each tuesday.

timing: us export assessments are reflect material loading 3-30 days forward from the date of publication. domestic assessments are on a truck/rail basis and reflect monthly contract transaction prices.

basis and locations: export prices are assessed basis fob us gulf coast, in $/mt. domestic prices are assessed basis delivered (by truck/rail) east of the rockies (der). domestic prices reflect producer-to-distributor prices, before discounts.

standard cargo size: export assessments reflect 250mt-500mt. us domestic assessments reflect 44,000-45,000 lbs.

Product specifications: minimum meK content of 99% and a maximum water content of 0.1% by weight.

methyl Isobutyl ketone

assessment window: platts weekly methyl isobutyl ketone assessments reflect prevailing market price at 2:15 p.m. us central time each tuesday.

timing: us export assessments reflect material loading 3-30 days forward from the date of publication. domestic assessments are on a truck/rail basis and reflect monthly contract transaction prices.

basis and locations: export prices are assessed basis fob us gulf coast, in $/mt. domestic prices are assessed basis delivered (by truck/rail) east of the rockies (der), in $/mt. domestic prices reflect producer-to-distributor prices, before discounts.

standard cargo size: export assessments reflect 250-500mt. us domestic assessments reflect 44,000-45,000 lbs.

Product specifications: minimum purity of 98.5%. maximum water content of 0.1%.

ethyl acetate

assessment window: platts weekly ethyl acetate assessments reflect prevailing market price at 2:15 p.m. us central time each tuesday.

timing: us export assessments reflect material loading 3-30 days forward from the date of publication. domestic assessments are on a truck/rail basis and reflect monthly contract transaction prices.

basis and locations: export prices are assessed basis fob us gulf coast, in $/mt. domestic prices are assessed b basis delivered (by truck/rail) east of the rockies (der), in $/mt. domestic prices reflect producer-to-distributor prices, before discounts.

standard cargo size: export assessments reflect 250-500mt. us domestic assessments reflect 44,000-45,000 lbs.

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Product specifications: minimum purity of 99.5%, with an evaporation rate of 1.0, a maximum alcohol content of 0.5%, and a maximum water content of 0.05%.

n-butyl acetate

assessment window: platts weekly n-butyl acetate assessments reflect prevailing market price at 2:15 p.m. us central time each tuesday.

timing: us export assessments reflect material loading 3-30 days forward from the date of publication. domestic assessments are on a truck/rail basis and reflect monthly contract transaction prices.

basis and locations: export prices are assessed basis fob us gulf coast, in $/mt. domestic prices are assessed b basis delivered (by truck/

rail) east of the rockies (der), in $/mt. domestic prices reflect producer-to-distributor prices, before discounts.

standard cargo size: export assessments reflect 250-500mt. us domestic assessments reflect 44,000-45,000 lbs.

Product specifications: minimum purity of 99.5%, an evaporation rate of 1.0, a maximum alcohol content of 0.5%, and a maximum water content of 0.05%.

Industrial grade ethanol

assessment window: platts weekly ethanol assessments reflect prevailing market price at 2:15 p.m. us central time each tuesday.

timing: domestic assessments reflect material loading 3-30 days forward from the date of publication. domestic assessments are on a truck/rail basis and reflect contract transaction prices.

basis and locations: denatured, 190 proof ethanol and denatured 200 proof ethanol prices are assessed basis fob dsp (distilled spirits plant) producer-to distributor, in cts/gal.

standard cargo size: fob and delivered assessments reflect truckloads of 6,500 gallons per shipment.

Product specifications: denatured 190 proof ethanol: 95% pure ethanol, mixed with another solvent (such as mibK or acetone). denatured 200 proof ethanol: 100% pure ethanol, mixed with another solvent.

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Platts global PetrocHemIcal IndIces

Indices: platts publishes on a daily basis the following petrochemical indices, which are 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 coast.)

■■ global low density polyethylene (cfr n asia, fd nwe, fas Houston)

■■ global polypropylene homopolymer (cfr n asia, fd nwe, fas Houston)

■■ global petrochemical

Weighted averages:

(1) for each index, the weighted average by region is as follows: 0.4 asia and 0.3 each europe and the us. the distribution reflects the relative sizes of the regional markets based on demand, as of 2007.

(2) the global petrochemical index is calculated based on the individual global product indices with the following weight distribution: 0.3 ethylene, 0.2 propylene, 0.12 benzene, 0.08 toluene, 0.07 paraxylene, 0.11 ldpe, and 0.12 pp.

units: usd/mt.

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reVIsIon HIstory

august 2014: platts revamped all petrochemical methodology and specifications guides, including its americas 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.