I am experiencing an identical problem (and this thread is the only reference I can find to it anywhere).

SQL Studio > Server > Properties > Database Settings > Default Locations > Browse - Only shows C: drive

During the initial install the other volumes ARE listed and selectable, so if you change the default locations at that stage you get the Access Denied error when trying to add our first DB afterwards.

My disks were formatted NTFS using Disk Management (via Computer Management), but I also tried Server Manager, and both GPT and MBR.

I can also confirm that converting a disk to Dynamic works (after an OS restart, just a SQL Server restart isn't enough), but formatting back to Basic the drives disappear from the list again.

[SQLSrvStd 11.0.2100.60 on WinSrvStd 2012 under ESXi5.1]