SUBSCRIBER NOTE: Platts updates Renewable Volume Obligations formulas

Effective November 30, Platts confirms that the calculated values of the US Renewable Volume Obligation will be published in accordance with the recent release of the final blending mandates under the Renewable Fuel Standard.

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 will calculate 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 2014, 2015 and 2016 RVO percentages.)

As these renewable fuels are mandated by the EPA and hence subject to change without prior notice, Platts will update its RVO formulas at any time. When such changes are set forth by the EPA, Platts will inform the market of the changes in the formulas through subscriber notes.

Platts will publish 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 November 30, 2014, Year 1 will reflect the 2014 percentage-per-RIN breakdown, Year 2 will reflect the 2015 percentage-per-RIN breakdown and Year 3 will reflect the 2016 percentage-per-RIN breakdown.

Start Date End Date Biodiesel Ethanol Adv. biofuel Cellulosic 2014 RVO 11/30/2015 1/31/2015 1.41% 7.68% 0.081% 0.019% 2015 RVO 11/30/2015 1/31/2016 1.49% 7.9% 0.061% 0.069% 2016 RVO 11/30/2015 1/31/2017 1.59% 8.09% 0.292% 0.128%

Please send all further questions and comments to americas_ags@platts.com and pricegroup@platts.com by December 15, 2015. For written comments, please provide a clear indication if comments are not marked as confidential available upon request.