Contract Specifications (Gas Oil)

Date of Listing

September 8, 2003

Standard

Gas oil of JIS K2204 (Grade 2 for Dec., Jan., Feb., Mar. contract months, grade 1 for Apr., May, Oct., Nov. contract months, and grade special 1 for Jun., Jul., Aug., Sep. contract months) with maximum permissible sulfur content of 10 ppm

Contract Unit

100 kl

Delivery Unit

100 kl

Trading Method

Computerized continuous trading

Price Quotation

Japanese Yen per kiloliter

Minimum Price Fluctuation

JPY 10 per 1 kiloliter

Daily Price Fluctuation Limit

* *

Daily Price Fluctuation Limits are determined every month based on the market price movement within a certain period of time. See Margin and Price Limit for the price limits currently imposed.

*

When final contract prices for three or more contract months have reached the price limit in the same direction, the Daily Price Fluctuation Limit for all contract months except the current contract month shall be expanded by 50% from the following business day, and shall remain in effect until the final contract prices for three or more months stop reaching the ordinary price limit. However, when the final contract prices for three or more contract months have reached the applicable Price Limit in the same direction for two consecutive business days, the Exceptional Measures for Price Limits will be maintained until the last contract price for all contract months (in this case, "all contract months" doesn't include the first contract month) stop reaching the ordinary Price Limits for three consecutive business days.

Customer Position Limit (for each long/short position)

Current contract month:	70 contracts
2nd contract month:	200 contracts
3rd contract month:	600 contracts
Other contract months:	1,200 contracts for each month
Total:	4,000 contracts

Maintenance Amount for Initial Clearing Margin

* *	Maintenance Amount for Initial Clearing Margin is determined every month based on a minimum amount that is calculated using the following formula: Price Limit * Contract Unit Multiplier * 1.5 See Margin and Price Limit for the current rates.
*	Each broker member determines the amount of initial clearing margin applied to its customers no less than it of "Maintenance Amount for Initial Clearing Margin".

Trading Hours

Morning Session: 9:00 a.m. to 11:00 a.m.; Afternoon Session: 12:30 p.m. to 5:30 p.m. (Japan Local Time)

Contract Months

Six consecutive months (At the day when a new contract month is generated, there will be six consecutive months starting from two months after the month which the said day belongs to.)

Last Trading Day

The 25th of the month preceding the delivery month (if the day is a holiday, Last Trading Day is advanced.)

Delivery Period

Throughout the delivery month

Delivery Points

Refineries located in Tokyo, Kanagawa and Chiba, provided with barge delivery facilities, and appointed by the Board.

Delivery

Physical delivery (not cash settlement)

Deliverable Commodities

Gas oil which meets the quality requirements specified in the "standard" above, and is refined within Japan or cleared through the customs.

Contract Price and Tax

The contract price shall be inclusive of the cost of delivery into barge in refineries located in Tokyo, Kanagawa and Chiba prefectures but exclusive of gas oil delivery tax and consumption tax.

Restriction on Delivery Participants

The following restrictions are imposed on the delivery of gas oil.

1. Buyers and sellers
   Only the following parties are allowed to take part in the physical delivery of gas oil.
   

   Sellers:	Motouri Companies*1
   Buyers:	Motouri Companies, Tokuyaku Companies*2 with TOCOM membership, Registered Gas Oil Receiving Companies*3 (Tokuyaku Companies without TOCOM membership)
   *1	Motouri Companies are those who fall under the two categories defined in the Japanese Local Government Tax Law; "Motouri" Companies as defined in 2 of Item 1, Paragraph 2, Article 700, and "Toroku Tokubetu Choshu Gimusha" in 3 of Item 3, Paragraph 11, Article 700.
   *2	Tokuyaku Companies are those who fall under the two categories defined in the Japanese Local Government Tax Law; "Tokuyaku" Companies as defined in 3 of Item 1, Paragraph 2, Article 700, and "Toroku Tokubetu Choshu Gimusha" in 3 of Item 3, Paragraph 11, Article 700.
   *3	The maximum amount of delivery lots Registered Gas Oil Receiving Companies can take is three lots per each contract month.

2. Notification
   TOCOM will notify the relevant authorities, such as tax authorities, of information regarding the delivery of gas oil (including the names of sellers and buyers, delivery points, etc.).
3. Registered Gas Oil Receiving Company
   The registration is required with TOCOM to become a Registered Gas Oil Receiving Company.
   

Delivery Method

(1)	Option of delivery points: Seller
(2)	Delivery method: delivery into barge
(3)	Option of delivery day: Buyer in principle
(4)	Matching of Buyer and Seller: Determined by drawing lots, except when parties to deliver find their counterparts by themselves during the period from Last Trading Day to Lottery Day.
(5)	Divided delivery: Delivery can be divided

Quantity Tolerance on Delivery

±2% of the volume per delivery

* The above explanation on delivery describes the basic delivery procedure.
Please note that there are two other procedures available : declared delivery and adjustment of delivery conditions.