Originally Posted by NickB

It seems that what they meant was two renewals beyond the renewal for the year that has already started in March 2012. So, for you, the 2 iteration counter only started to tick when your new year started in Jan 13. So, Jan 14 was your first tick and Jan 15 will be your next and final tick.

I agree that this is not how I had read it either and was expecting the transition period to be a year shorter but the behaviour you have noticed in your account seems to me mirrored in everybody else's experience.