##### Methodology

#### RIN PRICE INDEX CALCULATION DETAILS

All price indices utilize volume-weighted averages either in the calculation of the index or as a component of the calculation of the Index. Weighted averages are utilized in an effort to minimize any trading anomalies or distress trading activity that might otherwise distort the data sample.

The *Daily RIN Price* is a volume weighted average price and is calculated using the following methodology:

a) Multiply the Transaction price (p) by the Transaction quantity (q) for each trade in the source data file

b) Sum the products in step (a).

c) Sum the Transaction quantity for each trade in the source data file.

d) Divide the sum from step (b) by the sum of step (c) , that is,

Volume Weighted Average Price = Sum (Price x Quantity)/Sum (Quantity)

The weighted average prices are calculated first by automated electronic routines and subsequently crosschecked against a manual calculation for accuracy. Once verified, the weighted average prices are used in the generation of the Price Indices.

The *Monthly RIN Index value *is calculated as the simple average of the volume-weighted average price for each trading day (Daily RIN Price) during the calculation period.

The Monthly RIN Index is calculated using the following methodology:

a) Calculate the volume-weighted average prices for each Trading day from the first of the month to the last trading day, inclusive.

b) Sum the numbers calculated in (a).

c) Sum the number of days in the period.

d) Divide (b) by (c)

Monthly RIN Index = Sum (Daily Volume Weighted Average Prices)/Sum (Number of Days)

In the event no volume is transacted on a given trading day, Eco will make a determination of the Daily Weighted Average Price.

In particular, if there are no trades reported for a RIN product on a particular Trading Day, the Daily RIN Price is set to equal the daily closing price. The daily closing price will be the midpoint between the most recent bid/offer spread that is supplying trade data to Eco and any other counterparty that is supplying trade data to the ERPR index as calculated by Eco.