9/1/2016 10/3/2016 11/1/2016 12/1/2016

Market
Value: $ 6.91 $ 7.45 $ 8.60 $ 9.50

Date PEIX Monthly Returns S&P 500 Monthly Returns

2/1/2017 7.8 9.86% 2351.159912 3.17%
1/3/2017 7.1 -25.26% 2278.870117 1.79%
12/1/2016 9.5 10.47% 2238.830078 1.82%
11/1/2016 8.6 15.44% 2198.810059 3.42%
10/3/2016 7.45 7.81% 2126.149902 -1.94%
9/1/2016 6.91 6.97% 2168.27002 -0.12%
8/1/2016 6.46 -5.42% 2170.949951 -0.12%
7/1/2016 6.83 25.32% 2173.600098 3.56%
6/1/2016 5.45 -13.90% 2098.860107 0.09%
5/2/2016 6.33 33.83% 2096.949951 1.53%
4/1/2016 4.73 1.07% 2065.300049 0.27%
3/1/2016 4.68 18.78% 2059.73999 6.60%
2/22/2016 3.94 1932.22998

Beta: 2.89

Government U.S Projected

Debt: Growth:
10YR Bond
2.38% 2%

S&P 500
2016 2017 2018 2019
Price of
S&P 500: 2,351.16
Dividends
: 46.78 48.7054648 50.710181731 52.7974128112
PV of
Dividends
: $46.59 $46.41 $46.22
Projected
Growth 2.3% 6.50% 4.80% 4.60%
Price of
S&P 500: 2329.82

Inputs
Expected
Return on
Stocks Interest Coverage
1/1/2017: 4.53% Ratio: 0.005 Working Capital:
Risk Change in Working
Premium: 2.15% Default spread: 10.50% Capital:
Cost of
Equity: 8.61% Cost of Debt: 9.62%
Shares
Outstanding 43,200,000
Market Value of
Equity:
Book Value of ###
Debt: ###
Tax Rate: 25%

WACC: 8.04%
Reinvestm
ent Rate: -1886.4293548387
ROC: -0.014%
Growth
Rate: 25.98%
ROE: -3.440%
Payout
Ratio:

Comparable Firms

Pacific Ethanol, Inc. (NasdaqCM:PEIX) > Quick Comparable Analysis > Tr

Details
Template: Capital IQ Default Comps
Currency: US Dollar
As-Of Date: Feb-26-2017
Company Comp Set
Company Name TEV/Total TEV/EBITDA TEV/EBIT LTM -
Revenues LTM - LTM - Latest Latest
Latest

Renewable 0.2x 3.7x 4.9x

Energy Group,
Inc.
(NasdaqGS:REGI)

Murphy Oil 3.8x 7.8x NM

Corporation
(NYSE:MUR)
Green Plains Inc. 0.5x 10.3x 19.7x
(NasdaqGS:GPRE
)

REX American 0.9x 6.9x 10.1x

Resources
Corporation
(NYSE:REX)
The Andersons, 0.4x 12.7x 41.4x
Inc.
(NasdaqGS:ANDE
)
Amyris, Inc. 5.9x NM NM
(NasdaqGS:AMR
S)
Gevo, Inc. 0.6x NM NM
(NasdaqCM:GEV
O)
GreenShift 0.3x 1.0x 1.0x
Corporation
(OTCPK:GERS)
Valero Energy 0.5x 6.2x 9.5x
Corporation
(NYSE:VLO)
 Archer-Daniels- 0.5x 11.3x 16.5x
Midland Company
(NYSE:ADM)

Summary TEV/Total TEV/EBITDA TEV/EBIT LTM -

Statistics Revenues LTM - LTM - Latest Latest
Latest

High 5.9x 12.7x 41.4x

Low 0.2x 1.0x 1.0x
Mean 1.4x 7.5x 14.7x
Median 0.5x 7.3x 10.1x

Pacific Ethanol, Inc. (PEIX) MULTIPLES

Forward
P/E:
 Pacific Ethanol,

Summary:

Pacific Ethanol, Inc. produces and markets low-carbon renewable fuels in the Unite
and Marketing. It owns and operates eight ethanol production facilities in the We
West plants, as well as in the Midwestern states of Illinois and Nebraska, or the Pac
products, including wet and dry corn gluten feed, condensed distillers solubles, co
ethanol produced by third parties. It also offers wet distillers grains, dry distiller
feedlots, as well as corn oil to poultry and biodiesel customers. In addition, the co
through third-party service providers. It serves integrated oil companies and gas
headquartered in Sacramen

Analysis:
1/3/2017 4/3/2017

$ 7.10 $ 7.80

SUMMARY OUTPUT

Regression Statistics
Multiple R 0.4026291929
R Square 0.162110267
Adjusted R Squa 0.0783212937
Standard Error 0.1573056649
Observations 12

ANOVA
df SS
Regression 1 0.0478754
Residual 10 0.24745072
 Total 11 0.29532612

Coefficients Standard Error

Intercept 0.0224123672 0.05720239
X Variable 1 2.8938569047 2.08048805

00
2020 Average

54.970554323

2190.5982179

2.38% 4.1% *Growth of earnings come from projected growth on Capital IQ*

ts

2015 2016

125.033 -15.881
 140.914

arable Firms

parable Analysis > Trading Multiples

P/Diluted EPS P/TangBV NTM NTM NTM Forward
Before Extra LTM - Latest TEV/Forwar TEV/Forwar P/E (Capital
LTM - Latest d Total d EBITDA IQ)
Revenue (Capital IQ)
(Capital IQ)

NM 0.6x 0.31x 4.04x 5.99x

NM 1.0x 3.00x 4.92x 52.30x

84.1x 1.3x 0.46x 6.24x 13.99x

22.7x 1.6x 0.88x 5.71x 16.81x

97.3x 1.4x 0.38x 8.22x 17.80x

NM NM 2.04x NM NM

NM 0.1x 0.41x NM NM

0.1x NM - - -

13.5x 1.5x 0.40x 5.78x 12.58x

 21.0x 1.9x 0.50x 10.32x 15.80x

P/Diluted EPS P/TangBV NTM NTM NTM Forward

Before Extra LTM - Latest TEV/Forwar TEV/Forwar P/E (Capital
LTM - Latest d Total d EBITDA IQ)
Revenue (Capital IQ)
(Capital IQ)

97.3x 1.9x 3.00x 10.32x 52.30x

0.1x 0.1x 0.31x 4.04x 5.99x
39.8x 1.2x 0.93x 6.46x 19.32x
21.8x 1.4x 0.46x 5.78x 15.80x
Pacific Ethanol, Inc.: (PEIX)

Summary:

rbon renewable fuels in the United States. The company operates through two segments, Production
ol production facilities in the Western states of California, Oregon, and Idaho or the Pacific Ethanol
f Illinois and Nebraska, or the Pacific Ethanol Central plants. The company produces and markets co-
condensed distillers solubles, corn gluten meals, corn germs, distillers yeast, and CO2; and markets
wet distillers grains, dry distillers grains with solubles, and other feed co-products to dairies and
sel customers. In addition, the company offers ethanol transportation, storage, and delivery services
integrated oil companies and gasoline marketers. Pacific Ethanol, Inc. was founded in 2003 and is
headquartered in Sacramento, California.

Analysis:

MS F Significance F
0.0478754 1.93474464 0.19441208
0.02474507
 t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
0.39180826 0.70341971 -0.10504249 0.14986722 -0.10504249 0.14986722
1.39095098 0.19441208 -1.74175936 7.52947317 -1.74175936 7.52947317

cted growth on Capital IQ*

SUMMARY OUTPUT

Regression Statistics
Multiple R 0.40262919
R Square 0.16211027
Adjusted R S 0.07832129
Standard Erro 0.15730566
Observations 12

ANOVA
df SS MS F Significance F
Regression 1 0.0478754 0.0478754 1.93474464 0.19441208
Residual 10 0.24745072 0.02474507
Total 11 0.29532612

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0%
Intercept 0.02241237 0.05720239 0.39180826 0.70341971 -0.10504249 0.14986722 -0.10504249
X Variable 1 2.8938569 2.08048805 1.39095098 0.19441208 -1.74175936 7.52947317 -1.74175936
Upper 95.0%
0.14986722
7.52947317
Pacific Ethanol, Inc. (NasdaqCM:PEIX) > Financials > Income Statement
In Millions of the reported currency, except per share items. Template: Standard Restatement: Latest Filings
Period Type: Annual Order: Latest on Right
Currency: Reported Currency Conversion: Historical
Units: S&P Capital IQ (Defaul Decimals: Capital IQ (Default)
Source: Capital IQ & Proprieta

Income Statement
Restated
For the Fiscal Period Ending 12 months 12 months 12 months 12 months 12 months 12 months
Dec-31-2010 Dec-31-2011 Dec-31-2012 Dec-31-2013 Dec-31-2014 Dec-31-2015
Currency USD USD USD USD USD USD

Revenue 328.3 901.2 816.0 908.4 1,107.4 1,191.2

Other Revenue - - - - - -
Total Revenue 328.3 901.2 816.0 908.4 1,107.4 1,191.2

Cost Of Goods Sold 329.1 881.8 835.6 875.5 998.9 1,183.8

Gross Profit (0.8) 19.4 (19.5) 32.9 108.5 7.4

Selling General & Admin Exp. 13.0 15.4 12.1 14.0 16.4 22.0
R & D Exp. - - - - - -
Depreciation & Amort. - - - - - -
Other Operating Expense/(Income) - - - - - -

Other Operating Exp., Total 13.0 15.4 12.1 14.0 16.4 22.0

Operating Income (13.8) 4.0 (31.7) 18.9 92.1 (14.6)

Interest Expense (6.8) (14.8) (13.0) (15.7) (9.4) (12.6)

Interest and Invest. Income - - - - - -
Net Interest Exp. (6.8) (14.8) (13.0) (15.7) (9.4) (12.6)

Income/(Loss) from Affiliates (0.9) - - - - -

Other Non-Operating Inc. (Exp.) 0.2 6.8 1.4 (1.4) (38.4) 1.7
EBT Excl. Unusual Items (21.3) (4.0) (43.4) 1.9 44.2 (25.5)

Merger & Related Restruct. Charges - - - - (0.7) (3.4)

Impairment of Goodwill 1.6 - - - - -
Gain (Loss) On Sale Of Invest. (12.1) - - - - -
Other Unusual Items 101.4 - - (3.0) (2.4) -
EBT Incl. Unusual Items 69.5 (4.0) (43.4) (1.2) 41.1 (28.9)
Income Tax Expense - - - - 15.1 (10.0)
Earnings from Cont. Ops. 69.5 (4.0) (43.4) (1.2) 26.0 (18.9)

Earnings of Discontinued Ops. - - - - - -

Extraord. Item & Account. Change - - - - - -
Net Income to Company 69.5 (4.0) (43.4) (1.2) 26.0 (18.9)

Minority Int. in Earnings 4.4 7.1 24.3 0.4 (4.7) 0.1

Net Income 73.9 3.1 (19.1) (0.8) 21.3 (18.8)

Pref. Dividends and Other Adj. 2.8 1.3 1.3 1.3 1.9 1.3

NI to Common Incl Extra Items 71.0 1.8 (20.3) (2.0) 19.4 (20.1)
NI to Common Excl. Extra Items 71.0 1.8 (20.3) (2.0) 19.4 (20.1)

Per Share Items

Basic EPS $101.36 $0.8 ($2.81) ($0.17) $0.93 ($0.6)
Basic EPS Excl. Extra Items 101.36 0.8 (2.81) (0.17) 0.93 (0.6)
Weighted Avg. Basic Shares Out. 0.7 2.2 7.2 12.3 20.8 33.2

Diluted EPS $83.59 $0.8 ($2.81) ($0.17) $0.86 ($0.6)

Diluted EPS Excl. Extra Items 83.59 0.8 (2.81) (0.17) 0.86 (0.6)
Weighted Avg. Diluted Shares Out. 0.9 2.3 7.2 12.3 22.7 33.2

Normalized Basic EPS ($12.7) $2.04 ($0.39) $0.13 $1.1 ($0.48)

Normalized Diluted EPS (9.98) 2.02 (0.39) 0.13 1.01 (0.48)

Dividends per Share NA NA NA NA NA NA

Payout Ratio % NA NA NM NM 16.2% NM

Supplemental Items
EBITDA (4.7) 16.6 (19.5) 31.0 105.3 9.0
EBITA (13.2) 4.9 (30.9) 19.4 92.6 (14.5)
EBIT (13.8) 4.0 (31.7) 18.9 92.1 (14.6)
EBITDAR (3.1) 18.9 (17.2) 32.5 107.7 18.6
Effective Tax Rate % NA NA NA NA 36.8% NM
Total Current Taxes - - - - 11.0 (8.0)
Total Deferred Taxes - - - - 4.1 (2.0)

Normalized Net Income (8.9) 4.6 (2.8) 1.6 22.9 (15.9)

Interest on Long Term Debt 7.5 14.8 13.1 14.7 7.3 12.0
Non-Cash Pension Expense - - - - - 0.0
Filing Date Feb-08-2013 Jul-08-2013 Mar-16-2015 Mar-16-2016 Mar-16-2016 Mar-16-2016
Restatement Type NCA NCA NC NCA RSA NCA
Calculation Type REP REP REP REP REP REP
Supplemental Operating Expense Items
Net Rental Exp. 1.6 2.3 2.3 1.5 2.4 9.5
Imputed Oper. Lease Interest Exp. 0.4 2.5 2.2 1.6 2.4 7.1
Imputed Oper. Lease Depreciation 1.2 (0.2) 0.1 (0.1) 0 2.4

Stock-Based Comp., SG&A Exp. 2.5 2.3 0.8 1.7 1.8 2.0
Stock-Based Comp., Unallocated - - - - - -
Stock-Based Comp., Total 2.5 2.3 0.8 1.7 1.8 2.0

Note: For multiple class companies, per share items are primary class equivalent, and for foreign companies listed as primary ADRs, per share items are ADR-equivalent.
 P P P P
LTM Restated Revenues 12 months 12 months 12 months 12 months
12 months 12 months DEC-31- DEC-31- DEC-31- DEC-31-
Sep-30-2016 Sep-30-2016 2017 2018 2019 2020
USD USD USD USD USD USD

1,559.8 2,119.0
- -
1,559.8 2,119.0

1,533.8 1,533.8
26.0 585.2

26.1 27.1
- -
- -
- -

26.1 27.1

(0.1) 558.1

(22.1) (22.1)
- -
(22.1) 536.0

- -
0.3 0.3
(21.9) 536.3

5.3 5.3
- -
- -
- -
(16.6) 541.6
 (4.2) (4.2)
(12.4) 545.8

- -
- -
(12.4) 545.8

0 0
(12.4) 545.8

1.3

(13.7)
(13.7)

($0.32)
(0.32)
42.2

($0.32)
(0.32)
42.2

($0.33)
(0.33)

NA
NM

34.9
0
(0.1)
NA
NM
(8.0)
(2.0)

(13.7)
NA
-
Nov-08-2016
O
LTM
NA
-
-

2.0
0.4
2.4
Pacific Ethanol, Inc. (NasdaqCM:PEIX) > Financials > Balance Sheet
In Millions of the reported currency, except per share items. Template: Standard Restatement: Latest Filings
Period Type: Annual Order: Latest on Right
Currency: Reported Currency Conversion: Historical
Units: S&P Capital IQ (Defaul Decimals: Capital IQ (Default)
Source: Capital IQ & Proprieta

Balance Sheet
Balance Sheet as of: Reclassified Reclassified Restated
Dec-31-2010 Dec-31-2011 Dec-31-2012 Dec-31-2013 Dec-31-2014 Dec-31-2015
Currency USD USD USD USD USD USD
ASSETS
Cash And Equivalents 8.7 8.9 7.6 5.2 62.1 52.7
Total Cash & ST Investments 8.7 8.9 7.6 5.2 62.1 52.7

Accounts Receivable 25.9 28.1 26.1 35.3 34.6 61.3

Other Receivables - - - - 8.1 10.7
Total Receivables 25.9 28.1 26.1 35.3 42.7 72.0

Inventory 17.3 16.1 16.2 23.4 18.6 60.8

Other Current Assets 5.4 13.2 7.6 15.5 14.6 12.4
Total Current Assets 57.3 66.4 57.4 79.4 137.9 197.9

Gross Property, Plant & Equipment 175.8 178.9 181.1 197.2 209.6 542.0
Accumulated Depreciation (6.8) (19.2) (30.7) (42.0) (54.3) (77.0)
Net Property, Plant & Equipment 169.0 159.6 150.4 155.2 155.3 465.0

Other Intangibles 5.4 4.5 3.7 3.3 2.8 2.7

Deferred Charges, LT - - - - - 0.5
Other Long-Term Assets 2.4 2.0 3.4 3.2 1.9 9.1
Total Assets 234.1 232.5 215.0 241.0 297.9 675.1

LIABILITIES
Accounts Payable 6.5 5.5 5.1 11.1 13.1 30.5
Accrued Exp. 3.2 2.2 2.7 5.0 5.1 8.2
Curr. Port. of LT Debt 38.1 0.8 4.0 0.8 - 17.0
Curr. Port. of Cap. Leases - - - 4.8 4.1 4.2
Other Current Liabilities 0.0 7.8 0.5 6.6 3.2 12.9
Total Current Liabilities 47.8 16.3 12.4 28.2 25.4 72.9

Long-Term Debt 85.0 93.7 117.3 98.4 34.5 204.3

Capital Leases - - - 6.0 2.1 4.2
Pension & Other Post-Retire. Benefits - - - - - 7.4
Def. Tax Liability, Non-Curr. - - - 1.1 15.4 1.2
Other Non-Current Liabilities 7.4 3.2 6.5 8.7 2.4 13.6
Total Liabilities 140.2 113.2 136.2 142.5 79.9 303.6

Pref. Stock, Convertible 0.0 0.0 0.0 0.0 0.0 0.0

Pref. Stock, Other 6.1 - 5.9 3.7 - -
Total Pref. Equity 6.1 0.0 5.9 3.7 0.0 0.0

Common Stock 0.0 0.0 0.0 0.0 0.0 0.0

Additional Paid In Capital 504.6 557.0 582.9 621.6 725.8 902.8
Retained Earnings (511.8) (510.0) (530.3) (532.4) (512.3) (532.4)
Treasury Stock - - - - - -
Comprehensive Inc. and Other - - - - - 1.0
Total Common Equity (7.2) 47.0 52.6 89.2 213.5 371.5

Minority Interest 95.0 72.3 20.3 5.7 4.5 -

Total Equity 93.9 119.3 78.8 98.6 218.0 371.5

Total Liabilities And Equity 234.1 232.5 215.0 241.0 297.9 675.1

Supplemental Items
Total Shares Out. on Filing Date 0.9 5.8 10.5 18.0 24.5 42.5
Total Shares Out. on Balance Sheet Date 0.9 5.8 9.8 16.1 24.5 42.5
Book Value/Share ($8.31) $8.13 $5.37 $5.53 $8.71 $8.74
Tangible Book Value (12.5) 42.5 48.8 86.0 210.7 368.9
Tangible Book Value/Share ($14.56) $7.36 $4.99 $5.33 $8.6 $8.68
Total Debt 123.1 94.4 121.3 110.0 40.7 229.8
Net Debt 114.4 85.5 113.7 104.9 (21.4) 177.0
Debt Equiv. of Unfunded Proj. Benefit Obligation NA NA NA NA NA 4.0
Debt Equivalent Oper. Leases 12.8 18.4 18.0 11.6 19.3 76.2
Total Minority Interest 95.0 72.3 20.3 5.7 4.5 NA
Inventory Method FIFO FIFO NA FIFO FIFO FIFO
Raw Materials Inventory 1.3 1.3 1.4 9.4 2.7 9.9
Work in Progress Inventory 4.1 4.3 3.8 2.8 3.3 11.1
Finished Goods Inventory 11.1 9.4 10.2 10.3 10.1 31.2
Other Inventory Accounts 0.8 1.1 0.8 0.9 2.4 8.7
Land 2.6 2.6 2.6 2.6 2.6 7.5
Machinery 4.6 4.9 5.3 5.6 7.6 9.1
Construction in Progress 2.4 3.3 4.0 5.0 8.7 23.6
Full Time Employees 145 155 NA 160 180 465
Assets under Cap. Lease, Gross NA NA NA 12.8 3.5 10.0
Assets under Cap. Lease, Accum. Depr. NA NA NA (0.3) (0.2) (0.6)
Accum. Allowance for Doubtful Accts 0.3 0.0 0.0 0.2 0.0 0.0
Filing Date Feb-08-2013 Jul-08-2013 Mar-16-2015 Mar-16-2016 Mar-16-2016 Mar-16-2016
Restatement Type RCA RCA NC NCA RSA NCA
Calculation Type REP REP RUP RUP REP REP

Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as primary ADRs, total share counts are ADR-equivalent.
Sep-30-2016
USD

40.6
40.6

68.8
6.1
74.9

65.0
16.7
197.2

-
-
452.5

2.7
-
4.8
657.1

26.8
15.1
153.7
4.5
13.0
213.1

63.6
0.8
 -
1.2
18.1
296.6

0.0
-
0.0

0.0
904.4
(545.0)
-
1.0
360.5

360.5

657.1

43.2
43.2
$8.35
357.8
$8.29
222.5
181.9
NA
NA
NA
NA
9.8
6.5
35.4
13.2
NA
NA
-
NA
NA
NA
0.4
Nov-08-2016
 O
REP
Date Open High Low Close Volume Adj Close
2/1/2017 7.2 8.05 6.75 7.8 517000 7.8
1/3/2017 9.65 10.05 6.75 7.1 612400 7.1
12/1/2016 8.7 10.95 8.55 9.5 688900 9.5
11/1/2016 7.45 9 5.75 8.6 812000 8.6
10/3/2016 6.94 7.7 6.71 7.45 422700 7.45
9/1/2016 6.43 7.23 6.17 6.91 545200 6.91
8/1/2016 6.8 7.21 6.14 6.46 694200 6.46
7/1/2016 5.44 7.5 5.37 6.83 770500 6.83
6/1/2016 6.28 6.76 4.64 5.45 632500 5.45
5/2/2016 4.72 6.48 3.74 6.33 825300 6.33
4/1/2016 4.57 5.22 3.67 4.73 639300 4.73
3/1/2016 4.04 5.85 3.93 4.68 1029800 4.68
2/22/2016 3.43 4.12 3.26 3.94 668300 3.94
 Ethanol Prices
Month 2007 2008 2009 2010 2011 2012
January 1.980 2.150 1.600 1.790 2.330 2.170
February 2.260 2.360 1.540 1.710 2.590 2.260
March 2.190 2.450 1.600 1.550 2.660 2.270
April 2.160 2.500 1.610 1.600 2.650 2.230
May 2.190 2.390 1.730 1.600 2.640 2.020
June 1.950 2.850 1.640 1.530 2.560 2.230
July 1.990 2.460 1.620 1.700 2.890 2.630
August 1.670 2.370 1.610 1.940 2.910 2.550
September 1.550 2.190 1.780 1.990 2.480 2.340
October 1.790 1.760 1.940 2.340 2.760 2.440
November 1.950 1.660 2.130 2.110 2.480 2.410
December 2.370 1.620 1.950 2.380 2.200 2.190

Average: 2.030
Average
Price in
2016: 1.494
es
2013 2014 2015 2016
2.460 1.890 1.370 1.426
2.400 2.290 1.440 1.378
2.450 3.460 1.490 1.436
2.580 2.260 1.620 1.545
2.740 2.370 1.530 1.648
2.450 2.120 1.610 1.624
2.290 2.090 1.500 1.427
2.390 2.200 1.460 1.415
1.950 1.590 1.530 1.547
1.780 1.840 1.602 1.635
2.050 2.100 1.490 1.650
1.910 1.630 1.400 1.606