Renewable Diesel Market Value Proposition

ORD PREMIUM TO BD USGC Renewable Diesel Margin (Soybean Oil), $/gal $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $3.00 $2.50 USGC Biodiesel Margin (Soybean Oil), $/gal $2.00 $1.50 Exceeds ~$1/gal $1.00 $0.50 $- Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 5yr range 2021 2022 5yr avg Jan Feb Mar Apr May Jun 5yr range Jul Aug Sep Oct Nov Dec 2021 2022 5yr avg Consistent premium for RD margins versus BD margins driven by differences in cost structure Data Source: Pllatts, EIA, Bloomberg Energy, Macrotrends, Jacobsen; soybean oil is industry incremental feed 10

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