SUBSCRIBER NOTE: Platts updates D3 RIN assessment methodology May 4, 2016

Effective May 4, 2016, Platts updated its D3 cellulosic biofuel Renewable Identification Number assessment methodology to reflect translatable market information including trade activity, bids and offers. In the absence of market activity Platts may look at the value of the Cellulosic Waiver Credit and D5 Advanced Biofuel RIN value.

Platts D3 RIN assessments are published on the in the Platts Biofuelscan report and through the Platts Biofuels Alert real time service, PBF pages 10 and 201.

A RIN is a number issued by the US Environmental Protection Agency, for the purpose of tracking renewable fuel usage throughout the supply chain Refiners, importers and blenders, called "obligated parties," use them to show the EPA they have fulfilled their mandated government use of renewable fuels.

This change also impacts the US Renewable Volume Obligation calculations published by Platts. RVO is the aggregate cost of the Renewable Identification Number percentages per gallon of transportation fuel as the US Environmental Protection Agency mandated in the Renewable Fuel Standard Program (RFS2)

Platts calculates these values factoring the value of biodiesel, ethanol, advanced biofuel and cellulosic biofuel RIN credits as assessed by Platts for the respective RVO years.

The RVO calculations are published in the Platts Biofuelscan report and through the Platts Biofuels Alert real time service, PBF pages 302.