Overview: Atten Babler Commodities has created two Ethanol Foreign Exchange (FX) Indexes that are intended to indicate general trends in the competiveness of U.S. ethanol exports. The Indexes value the U.S. dollar (USD) against the currencies of major global ethanol producing regions and traditional U.S. ethanol export destinations. These Indexes will be identified in future updates by the following designations: • USD/Ethanol Producer FX Index • USD/Domestic Ethanol Importer FX Index The Indexes will be updated on a monthly basis going forward with commentary provided in blog postings at the end of each month. Methodology: The USD/Ethanol Producer FX Index and USD/Domestic Ethanol Importer FX Indexes are constructed using the currencies of 95% or more of the total global ethanol producers and global importers of U.S. ethanol, respectively. Production and import percentages are calculated using the most recently available full year statistics offered by the USDA Foreign Agricultural Service (FAS) and the Renewable Fuels Association (RFA), respectively. Currencies are weighted when valued against the USD to account for the relative importance of each region’s currency within the Indexes based on each regions percentage of total production and imports. FX values are provided by OANDA and are calculated on a percentage change basis, indexed to Jan ’00. Current Index Values: The USD/Ethanol Producer FX Index increased 1.6 points in Nov ’14 to a value of 109.8. The USD/Ethanol Producer FX Index has increased 3.5 points since the end of Dec ’13 and 5.5 points throughout the past four months. The USD/Domestic Ethanol Importer FX Index increased 0.6 points in Nov ’14 to a value of 108.1. The USD/Domestic Ethanol Importer FX Index has increased 2.2 points since the end of Dec ’13 and 2.5 points throughout the past four months.