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CARBON MARKETS National Ethanol Conference Nashville February 18th, 2025 CARBON ACUMEN

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The content presented has been obtained or derived from sources reasonably believed to be reliable, but Carbon Acumen makes no representation or warranty, expressed or implied, as to their accuracy, adequacy, compliance, authority, usefulness, legality, reliability, timeliness or completeness. Carbon Acumen accepts no liability for loss arising from the use of such content. These disclaimers apply to both isolated and aggregated uses of all such content. Past performance should not be taken as an indication or guarantee of future performance. Any content reflects a judgment at its original date of publication by Carbon Acumen and is subject to change without notice. Disclaimer CARBON ACUMEN

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Low Carbon Fuel Standards CARBON ACUMEN Sources: CARB, Carbon Acumen, ECCC, Canada Statistics, WA Dept of Ecology, OR DEQ, BC Ministry of Energy

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California Success CARBON ACUMEN Sources: CARB, Carbon Acumen 7-8 years 1 year

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California RD Paradigm Shift (Past + Present) CARBON ACUMEN Sources: CARB, Carbon Acumen

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California RD Paradigm Shift (Future) CARBON ACUMEN Sources: CARB, Carbon Acumen $0.65 $0.55