SUBSCRIBER NOTE: Feedback sought for proposed RVO calculations

Platts is seeking feedback for a proposal to publish the calculated values of the US Renewable Volume Obligation, effective January 1, 2014. 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). To align with typical market practices, Platts proposes calculating these renewable credit values factoring the value of biodiesel, ethanol, advanced biofuel and cellulosic biofuel RIN credits as assessed by Platts for the respective RVO years (see table below of 2012, 2013, and 2014 RVO percentages). 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 proposes publishing the RVO cost values for three revolving years: Year 1, Year 2, and Year 3. These calculations will follow the schedule for Platts' RIN assessments found on Platts BioFuels page PB0010. Effective January 1, 2014, Year 1 will reflect the 2012 percentage-per-RIN breakdown, and Year 2 will reflect the 2013 percentage-per-RIN breakdown. Effective May 1, 2014, Year 3 will reflect the 2014 percentage-per-RIN breakdown. In case of lacking the new RIN percentage mandates as set by the EPA, Platts will reflect the same percentages in Year 3 as in Year 2 until the EPA confirms the new percentages.

Start Date End Date Biodiesel Ethanol Advanced Biofuel Cellulosic 2012 RVO 1/1/2014 4/30/2014 0.91% 8.02% 0.30% 0.006% 2013 RVO 1/1/2014 1/31/2015 1.13% 8.12% 0.486% 0.004% 2014 RVO 1/1/2014 1/31/2016 1.13% 8.12% 0.486% 0.004%

Platts RINs assessments reflect the following schedule: Year-ahead RIN assessments are launched on the first working day of July of the prior year. For example, 2015 RIN shall be assessed for the first time on July 1, 2014. Platts RINs assessments generally reflect delivery one month ahead of the publication date. For the year-ahead RINs assessments, the timing reflects delivery during the first delivery month on 2014 (January), up until the last business day of December. Unless otherwise stated, Platts will stop publishing each specific RIN year assessment on the last US working day of January two years after the year in question. However, since the EPA allows extensions, this is subject to change. For example, the last assessment for 2012 RIN shall be on April 30, 2014 instead of January 31, 2014, as the EPA extended the 2013 RFS compliance deadline to June 1, 2014. 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. Please email comments and questions by November 29 to americas_products@platts.com with a cc to pricegroup@platts.com.