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Seeking Alpha has posted a transcript of this morning’s conference call.

With regard to Diamond Green Diesel start-up, looks like the wet weather in the gulf coast is the reason for the slight delay in completion/startup – they expect late 1st Q, early 2nd Q to finish, then testing/startup of parts n in possibly April.

Farha Aslam - Stephens Inc., Research Division

Okay. So really, third quarter, you could be up kind of at 100% of capacity?

Randall C. Stuewe - Chairman and Chief Executive Officer

Yes. If all goes well, that would be the plan…

And then this a little later:

William D. Bremer - Maxim Group LLC, Research Division
First question, as we look into the back half of '13, is there a potential that Diamond Green Diesel truly is at full capacity? Or are we going to start seeing it slowly integrate? I guess, my main question is the ramp up. Let's just say we are good for this April time frame. From that time frame to the end of the year, how do I think about that ramp up?

Randall C. Stuewe - Chairman and Chief Executive Officer

Well, if we're a successful team, I would tell you to think 137 million gallons divided by 12 and multiply it times 6, and that will be pretty much what we're shooting for from a budgetary standpoint around here.

Regarding the biodiesel credit and the impact on DAR:

Kenneth B. Zaslow - BMO Capital Markets U.S.

Can -- I guess, I have 3 questions. Can you talk about the biodiesel credit? And how much it's benefited to you? And how you can do it to the play out?

Randall C. Stuewe - Chairman and Chief Executive Officer

So that's question one, all right. Number one, the tax credit came back into play here. And then our wonderful government obviously, made it retroactive to the production in '12, too, which is astounding in itself. But at the end of the day, when we talk about the basic economics of Diamond Green Diesel, you've always talked -- we've talked to you about road fuel at the ultra-low sulfur diesel level. And then we've talked to you about the Green Premium, that was a combination of either the RIN value or tax credit and RIN value in order to drive economics that would or favorable enough to incent production. So at the end of the day, if you look back a year ago, we had RINs up there $1.20, $1.30, $1.40 box, whatever the number was and now you got RINs at $0.50 or $0.60, but you got $1 a gallon. So at the end of the day, it's one offsetting the other. It's actually today, in a sense from an economic perspective, a little more favorable for us with the $1 a gallon in there today. It would be amiss for me to say we're a supporter of $1 a gallon because we're not. We would just as soon see that go away and compete at the production level mandate level.

Anyway – the market took this earnings report in stride and hasn’t penalized or lauded the company as a result.

Long DAR
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