Jan ’18 U.S. Ethanol Export Volumes Declined Sharply From the Dec ’17 Six Year High Jan ’18 U.S. Ethanol Exports Volumes Declined 49.1% MOM and 27.5% YOY Brazil was the Top Destination for U.S. Ethanol Exports During Jan ’18 Jan ’18 U.S. Ethanol Volumes Destined to Brazil Remained Most Significantly Lower YOY Jan ’18 U.S. Ethanol Export Volumes Destined to Brazil Finished 30.9% Lower YOY Jan ’18 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 73% 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 Declined Sharply From the 2016 Highs Jan ’18 U.S. Ethanol Export Volumes Destined to China Were Minimal