SUBSCRIBER NOTE: S&P Global Platts updates 2019 RVO calculation

S&P Global Platts, effective November 30, 2018, updated its calculated values of the US Renewable Volume Obligation for 2019 in accordance with the release of the final blending mandates under the Renewable Fuel Standard by the US Environmental Protection Agency.

The RVO is the aggregate cost of the Renewable Identification Number percentages per gallon of transportation fuel as the EPA mandates in the Renewable Fuel Standard Program (RFS2).

To align with typical market practices, Platts will calculate these renewable credit values factoring in the daily value of biodiesel, ethanol, advanced biofuel and cellulosic biofuel RIN credits as assessed by Platts for the respective RVO years. (See table below of 2019 RVO percentages.)

Biodiesel Ethanol Advanced biofuel Cellulosic 2019 RVO 1.73% 8.26% 0.75% 0.23%

In line with Platts Methodology and 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.

Please send all questions and comments to americas_ags@spglobal.com and pricegroup@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 not marked as confidential available upon request.