Dec ’17 U.S. Ethanol Export Volumes Increased to a Six Year High Dec ’17 U.S. Ethanol Exports Volumes Increased 56.5% MOM and 59.9% YOY Brazil was the Top Destination for U.S. Ethanol Exports During Dec ’17 Dec ’17 U.S. Ethanol Volumes Destined to China Increased Most Significantly YOY Dec ’17 U.S. Ethanol Export Volumes Destined to Brazil Increased Sharply MOM Dec ’17 U.S. – Brazilian Ethanol Net Trade is Estimated to Remain Positive A 20% Tariff on U.S. Ethanol Exports Destined to Brazil Took Effect Beginning Sep ’17 Brazil has Accounted for 72% of the Total YOY U.S. Ethanol Export Growth Since 2016 Ethanol Exports Volumes Destined to Brazil up, China Down, Over the Past 12 Months U.S. Ethanol Export Volumes Destined to China Increased Sharply During 2015 & 2016 U.S. Ethanol Export Volumes Destined to China Increased to a 13 Month High