Pacific Ethanol, Inc. To: Pacific Ethanol Investor Distribution List Date: December 20, 2013 Subject: Pacific Ethanol CEO Neil Koehler Interviewed. Neil Koehler, CE

SS 5.0 billion Cash: > USS150 million PE Ratio: WA Div. Yield: 0.0% Down from 5yr High: 99% _II Ina Tarp-1 Return 3% Holding Period 24 nxxnh Pacific Ethanol, Inc. (PEIX US) Return since Oct. 2013: 35096+ Investment Targets: Company "B" 5yr Share Performance • Forced selling and hyper-dilutive financing ha

d of day Monday, December 23, 2013. Pleased in the link below. hap://thewallstreetanal _zor,com/pacific-ethanol-inc-nasdaqpeix-ceo-interview/ About Pacific Ethanol, Inc. Pacific Etha nol, Inc. (NASDAQ: PEIX) is the leading marketer and producer of low-carbon renewable fuels in the Western United States. Pacific Etha

nd of day Monday, December 23,2013. Pleased in the link below. http://thewallstreetanalyzer.coinipacific-ethanol-inc-nasdaqpeix-cco-intervicvk About Pacific Ethanol, Inc. Pacific Ethanol, Inc. (NASDAQ: PEIX) is the leading marketer and producer of low-carbon renewable fuels in the Western United States. Pacific Ethan