ANTITRUST POLICY

The by-laws of the Petrochemical Feedstock Association of the Americas (PFAA) prohibit the Association and its members from engaging in any activities which could be construed as violating the antitrust laws. In conformance with this provision, the Association advises all members to adhere to a code of conduct that will ensure strict compliance with the antitrust laws. Such laws prohibit agreements or understandings among competitors that restrain trade or otherwise restrict competition. Prohibited practices include collusive agreements which may have an effect upon prices or other terms and conditions of sale to, or purchase from, third parties; which set levels of production or purchases by individual companies; or which allocate markets or customers. Collusive agreements may be implied by joint conduct or actions which appear to be in concert. Government authorities may be able to prove the existence of collusive agreements by circumstantial evidence, such as the occurrence of a meeting at which agreement could have been reached, followed by parallel conduct in the marketplace.

At meetings of the Association, it is understood that competitors and potential competitors will be in attendance. It is therefore especially important to avoid even the appearance of undue cooperation, including in particular any formal or informal exchange of information that could facilitate cooperation among competitors.

You are therefore advised to avoid discussions regarding the prices at which you currently purchase or sell, or intend to purchase or sell, products to or from individual third parties; the quantities you intend to produce or purchase, the specific customers of vendors with whom you do business; the terms or conditions of sale, profits or profit margins; market conditions for any particular commodity or volume of material; the specific availability of supply or customer-specific demand for quantities of material; or the markets in which you purchase or sell products. You are further advised that informal meetings of the Association are not permitted. All Association meetings will be conducted in strict accordance with a written agenda that will be circulated in advance to each participant. Only topics on the agenda will be discussed at each meeting. Detailed minutes of meeting discussions will be kept, and minutes will be circulated to all participants.

Finally, you are reminded that the Association is advised by antitrust counsel. Any questions of potential antitrust sensitivity should be referred to antitrust counsel.