SUBSCRIBER NOTE: Platts to launch RVO rolling code June 18, 2018

S&P Global Platts will launch new US Renewable Volume Obligation current year codes effective June 18, 2018.

This new code follows requests from the oil market to have a Platts assessment code reflecting the current year RVO, and will be published in the Platts US Marketscan, Latin American Wire and on Platts Global Alert under code RVOR002.

Platts currently publishes calendar year RVO values for three years that follow the same calendar and publication timings as the corresponding Renewable Identification Number assessments. The new rolling RVO code will reflect the current year RVO value, with a roll date of the last working day of January.

For example on January 31, 2019, the RVO rolling assessment will be for the 2018 RVO value, then on February 1, 2019, the RVO rolling assessment will represent the 2019 RVO value.

RVO is the aggregate cost of the Renewable Identification Number percentages per gallon of transportation fuel for biodiesel, ethanol, advanced biofuel, and cellulosic ethanol as mandated by US Environmental Protection Agency in Renewable Fuel Standard Program (RFS2).

As per Platts methodology, Platts calculates the RVO values factoring the value of D4, D6, D5 and D3 RIN credits as assessed by Platts for the respective RVO year. As these renewable fuels are mandated by the EPA and hence subject to change without prior notice, Platts will update the Platts RVO formulas at any time. When such changes are set forth by the EPA, Platts will inform the market of the changes in the formulae through subscriber notes.

Platts welcomes all feedback and questions to america_ags@spglobal.com and americas_products@spglobal.com, with a cc to pricemethodology@spglobal.com.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.