Risk Factors Update Summary

• The company faces increased scrutiny and pressure regarding ESG practices and disclosures, impacting reputation and financial performance.
• The adoption of an eRIN program could increase RIN price volatility and result in other adverse impacts.
• Changes in government regulations and policies, such as fuel economy standards, could reduce demand for products.
• Imposition of substantial administrative burdens instead of significant expenditures for compliance.
• The EPA announced final rules to reduce emissions, potentially affecting the company's operations and profitability.
• Increased costs and decreased demand for products due to regulatory actions and investigative initiatives.
• The EPA proposed rules to increase RVOs for 2023, 2024, and 2025, impacting RIN prices.
• The EPA did not adopt the "eRIN" provisions in its December 2022 proposal, affecting RIN allocation.
• The company's exposure to volatility in RIN prices, CI scores, and approved pathways may impact financial results.
• The company's reliance on natural gas and electricity exposes it to risks from price fluctuations and supply disruptions.