J-OIL EXCHANGE PTE LTD (JOX) JOF RACK trading aims to facilitate Internet-based physical trading transactions of petroleum products, based on "JAPAN OIL FORWARDS (JOF RACK)" contract. The basic specifications of transactions conducted through the JOX trading system for JOF RACK trading are as follows:

1) Products:
Gasoline(0.001% Sulphur), Kerosene, Gasoil (0.001% Sulphur), AFO 0.1(LSA), AFO 1.0,
*Details are as per JOF RACK Contract
2) Quantity:
Transactions conducted through the JOX systems are as follows
*Each transaction on the JOF RACK system may be in single or multiple lots of the following sizes.
Gasoline : 1kl/lot
Kerosene : 1kl/lot
Gasoil : 1kl/lot
AFO 0.1(LSA) : 1kl/lot
AFO 1.0 : 1kl/lot

3) Price:
The unit of measurement of price is in Japanese Yen (Yen) per kilolitre

Please note that Gasoline prices quoted exclude the Japanese Gasoline tax of 53,800Yen per kilolitre,
and the Japanese gas oil tax of 32,100Yen per kilolitre respectively.
4) Pricing Methodology:
JOX web site provides 2 "trading halls" for JOF RACK Trading, "JOF RACK Fixed" and "JOF RACK Floating".

A price used in "JOF RACK Fixed" transaction hall is always an actual figure which is F.F. (Fixed and Flat) basis.
A transaction on JOF RACK Fixed basis is concluded only when a buyer and a seller agreed upon commodity, delivery period, delivery area, and the price.

JOF RACK Floating
The price to be calculated as the average of the means of Lorry Rack prices for the 4 areas"Refineries," listed below, as published by Rim Intelligence Co. during the period of the "delivery date" with a premium or a discount price.

    -Chiba Ex Refinery
    -Kawasaki Ex Refinery
    -Chukyo Ex Refinery
    -Hanshin Ex Refinery

The minimum premium/discount in a JOF RACK Floating transaction is 10Yen, and can only increase or decrease in increments of 10Yen.

Rim Average Price used for JOF RACK Floating transactions is calculated as below: All Rim average prices will be rounded off to the nearest whole number.

If the first decimal place is five (5) or greater, the first digit will be rounded up to the nearest digit. For example, 125.5Yen will be rounded up to 126Yen.

If the first decimal place is less than five (5), the first digit will be rounded down to the nearest digit. For example, 125.4Yen will be rounded down to 125Yen.
5) Delivery Period:
"Delivery period" means a specified period for making delivery which is to be agreed by the buyer and seller to the "Week" at the time of contract. A "Week" is the period between Saturday to Friday.
6) Credit line:
Each party has to set the limit of credit for each counter party.
7) Support Office:
10:00-17:00 (Japan time)
8) Others:
JOX will send the recaps (deal confirmation form) to both the selling party and the buying. This recap is a service provided to the parties remind them of transactions concluded through the JOX trading system. The formal contract containing all the necessary terms and conditions shall be made between seller and buyer at a later time to be mutually agreed.

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