No. Equivalence Values are generated and apply to renewable fuel at the point of production or importation, not at the point of blending. Thus it is denatured ethanol, not E85 (nor E10) to which the Equivalence Value applies.
A party blending denatured ethanol into gasoline to produce E85 may receive assigned RINs with the denatured ethanol. Since the party is producing motor vehicle fuel from the renewable fuel (analogous to an oxygenate blender), he will separate the RINs from the volume of ethanol received and can then retain or transfer those RINs to any other party.
Question and Answer was originally posted at: Questions and Answers on the Renewable Fuel Standard Program (PDF) (55 pp, 221 K, EPA420-F-07-041a, August 2007, About PDF)