<SEC-DOCUMENT>0001019687-12-002262.txt : 20120628
<SEC-HEADER>0001019687-12-002262.hdr.sgml : 20120628
<ACCEPTANCE-DATETIME>20120628073030
ACCESSION NUMBER:		0001019687-12-002262
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20120628
DATE AS OF CHANGE:		20120628

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Pacific Ethanol, Inc.
		CENTRAL INDEX KEY:			0000778164
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL ORGANIC CHEMICALS [2860]
		IRS NUMBER:				412170618
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-180731
		FILM NUMBER:		12930835

	BUSINESS ADDRESS:	
		STREET 1:		400 CAPITOL MALL, SUITE 2060
		CITY:			SACRAMENTO
		STATE:			CA
		ZIP:			95814
		BUSINESS PHONE:		916-403-2123

	MAIL ADDRESS:	
		STREET 1:		400 CAPITOL MALL, SUITE 2060
		CITY:			SACRAMENTO
		STATE:			CA
		ZIP:			95814

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACCESSITY CORP
		DATE OF NAME CHANGE:	20030627

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DRIVERSSHIELD COM CORP
		DATE OF NAME CHANGE:	20001115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST PRIORITY GROUP INC
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Pacific Ethanol, Inc.
		CENTRAL INDEX KEY:			0000778164
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL ORGANIC CHEMICALS [2860]
		IRS NUMBER:				412170618
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		400 CAPITOL MALL, SUITE 2060
		CITY:			SACRAMENTO
		STATE:			CA
		ZIP:			95814
		BUSINESS PHONE:		916-403-2123

	MAIL ADDRESS:	
		STREET 1:		400 CAPITOL MALL, SUITE 2060
		CITY:			SACRAMENTO
		STATE:			CA
		ZIP:			95814

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACCESSITY CORP
		DATE OF NAME CHANGE:	20030627

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DRIVERSSHIELD COM CORP
		DATE OF NAME CHANGE:	20001115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST PRIORITY GROUP INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>peix_fwp.htm
<DESCRIPTION>FREE WRITING PROSPECTUS
<TEXT>
<html>
<head>
    <title>peix_fwp.htm</title>
    <!--Licensed to: Publicease-->
    <!--Document Created using EDGARizerAgent 5.4.1.0-->
    <!--Copyright 1995 - 2009 Thomson Reuters. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<div>
<hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="4">
<hr style="MARGIN-TOP: -10px; COLOR: #000000" noshade size="1">
</div>

<div>&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Filed Pursuant to Rule 433</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issuer Free Writing Prospectus Dated June 28, 2012</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Relating to Preliminary Prospectus Supplement Dated June 27, 2012</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prospectus Dated May 17, 2012</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registration Statement No. 333-180731</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">PACIFIC ETHANOL, INC.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; TEXT-ALIGN: center"><img src="fwp_logo.jpg" alt=""><br>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This issuer free writing prospectus relates only to the securities described below and should be read together with the prospectus dated May 17, 2012, and the preliminary prospectus supplement related thereto dated June 27, 2012 (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Prospectus</font>&#8221;), included in the Registration Statement on Form S-3 (File No. 333-180731) relating to these securities. The Registration Statement and the Prospectus contained therein can be accessed through the following link: <font style="DISPLAY: inline; TEXT-DECORATION: underline">http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&amp;filenum=333-180731&amp;owner=include&amp;count=40</font>.&#160;&#160;The following information supplements and updates the information contained in the Preliminary Prospectus Supplement with respect to the offering of these securities.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="23%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Issuer:</font></div>
</td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" colspan="4" valign="top" width="52%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Pacific Ethanol, Inc. (NASDAQ: PEIX)</font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="47%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="23%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Securities Offered:</font></div>
</td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" colspan="4" valign="top" width="52%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Units consisting of (i) one share of common stock,&#160;&#160;(ii) a warrant to purchase one share of common stock, immediately exercisable following the date of original issuance for five (5) years from the date of such issuance, at an exercise price of $0.63 per share of common stock, and (iii) a warrant to purchase one-half of one share of common stock, immediately exercisable following the date of original issuance for 18 months from the date of such issuance, at an exercise price of $0.53 per share of common stock. Units will not be issued or certificated. The shares of common stock and warrants are immediately separable and will be issued separately.</font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="47%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="23%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Number of Units Offered:</font></div>
</td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" colspan="4" valign="top" width="52%">
<div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">28.0 million units</font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="47%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="23%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Over-Allotment Option</font></div>
</td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" colspan="4" valign="top" width="52%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">We have granted the underwriter an option for a period of 30 days to purchase up to an additional 4.2 million units solely to cover over&#8211;allotments, if any.</font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="47%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="23%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Price per Unit:</font></div>
</td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" colspan="4" valign="top" width="52%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$0.43</font></div>
</td>
</tr><tr>
<td valign="top" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td colspan="2" valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="47%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="23%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Estimated Net Proceeds:</font></div>
</td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" colspan="4" valign="top" width="52%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$10.8 million assuming we sell the maximum number of units offered and excluding the proceeds, if any, from the exercise of the warrants being offered in this offering. The net proceeds also exclude the exercise of the underwriter&#8217;s over-allotment option and the securities set forth therein.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br>
</div>

<br>
<div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<br>
<div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="23%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Lock-Up Provisions:</font></font></div>
</td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" valign="top" width="52%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -0.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">We, along with our executive officers and directors, have agreed to certain lock-up provisions with regard to future sales of our common stock and other securities convertible into or exercisable or exchangeable for common stock for a period of forty-five (45) days after the date hereof.</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -0.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -0.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="23%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Use of Proceeds:</font></div>
</td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td align="left" valign="top" width="52%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -0.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">We intend to use $10.0 million of the net proceeds of the offering to acquire an additional percentage ownership interest in New PE Holdco LLC.&#160;&#160;Using proceeds from this offering and Senior Unsecured Notes in the original principal amount of approximately $10.0 million, we intend to purchase an aggregate of 33% in additional ownership interests in New PE Holdco LLC, after which we will hold a 67.25% ownership interest in New PE Holdco LLC.&#160;&#160;We will use the remainder of the net proceeds of the offering, if any, for general corporate purposes, which may include, among other things, working capital requirements, capital expenditures, acquisitions, and the repayment of outstanding indebtedness.&#160;&#160;In the event that the acquisition of additional interests in New PE Holdco LCC does not close, all of the proceeds are expected to be used for general corporate purposes, which may include, among other things, working capital requirements, capital expenditures, acquisitions, acquisitions of other ownership interests in New PE Holdco LLC, and the repayment of outstanding indebtedness</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Pacific Ethanol, Inc. has filed a registration statement (including a prospectus) with the Securities and Exchange Commission for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the preliminary prospectus supplement forming a part thereof and other documents that Pacific Ethanol, Inc. has filed with the Securities and Exchange Commission for more complete information about Pacific Ethanol and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-DECORATION: underline">www.sec.gov</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">. Alternatively, Pacific Ethanol, Inc. or Lazard Capital Markets LLC will arrange to send you the prospectus if you request it by contacting Pacific Ethanol at (916)</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">403-2755, Attention Investor Relations, or Lazard at (800) 542-0970.</font></font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div><br>
&#160;</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;2</font>

<div>
<hr style="COLOR: black" align="left" noshade size="1" width="100%">
</div>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>fwp_logo.jpg
<TEXT>
begin 644 fwp_logo.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"`![`(8#`2(``A$!`Q$!_\0`
M'@```@("`P$!``````````````D'"`,*`@0%!@'_Q``]$``"`0,#`P(%`00(
M!@,!```!`@,$!1$`!B$'$C$300@4(E%A,A4C<8$))$)#D:&Q\!8S4G+!T253
M5.'_Q``>`0`"`00#`0``````````````"`<%!@D*`0($`__$`#<1``$#`P,"
M!0($!0,%``````$"`P0%!A$`$B$',0@3%$%1(G$R88&1%19"4J$SP>$)-&)R
M\/_:``P#`0`"$0,1`#\`W^-&C1HT:-&C1HT:-&C7X>`3XP#S]M'^-&OW1K'E
ML9[UQYSQ_P"M8GJ8(_\`F5,4?_>R+_']1'OH'(!3E>?[$K5_@)SKA2D(`*EI
M`/8DX!_?&?TUV=&NB+C;\A?VA2EB<8%1#DD^`!W$Y_&LZU$+D".=')_Z'C.N
MVU7NAP?F6W`!]R4`#]_M[9Z!U!.`I)/MA:#GMR!NSV.>W;],Y]&N/<!Y;/\`
M@?\`0:Y`@\C70$'M_OW_`%UW!R,]OV_V)&C1HT:YUSHT:-&C1HT:-&C1HT:-
M&C1HT:-=*OK8*"GDJJENR&%'=VQW$JJ]Q`'DD@'C@9\D:`%*(2@%2E$!(`)R
M?C@'GX^3K@D8/.,=SG&.WS]Q^^NR[A`69D"CR2<8]LGG4:;GZHV/;L4H:1:J
M91(%$;QJJLI[`')D)X;)8X'T_P!D'5>^J_7".F%324$[QP#_`):M3X9OWC`%
MV60L,J`2%..X?8\K<ZO?$-;MOV:_;FW'>(;59;)0U=TNERGAJI(Z&WTSCUJB
M2*E2HJ7*%@(X8H9)JJ5DIZ..HJ76`R7;/3^95U-*>2I7FD!N,TVZMU>0D@Y2
M$_3DX(!.,'DCG4?W!?$*D-O!;K30:0M:W5O-MI2E!`4HK7@)`P3G(`![_#$]
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M<AB-+:O"N]0T5^HTEP4^T;:4VFJ7A6'#'I0E/`EBCV\U%C27+DN*1L5Z2F-.
MPVU9"Y\V%'4ETN0'Q[;9K*FRG;\V\-SVF_QM-9]WVJP7&BV7=U$D8CDV[NV_
MT]CV[NT2*Y,<&SKMN"ME$,IIZ>:=?EC/FU/B9N5?305Q>[VOU6<)37B:DI:S
M$?'J?+TUPN`6%RW[II)(W;#9B7'*4;-O&9;A6[HNEPFN.Y+R9FKJ^L6.5EAD
MF++3TL<8@CI/4C2`S-$F(S'Z%.JTX51(=OZGRQO'VU`7.0?H[\X_[G!'GVX/
MOXU=W3.Q[TO.A4R^+OA6[;-/N6C0ZM1K)HZ'ZN]28%2:8DP7*W<DUFGO3JH8
MBVB]%AT6G1VG''5JQM#6K>?ZLQ8[@APW)C[D9]QA=1EO-1W)26E%L*;I\;S(
M\0.`!90N3-*$GRQ+D*'G+?UL_P"(WYA0M=)#6`^FI]2>+N7)3+!D*$G'<,L3
MRV6!P-65VWOVR[C6-*658II,B..22-PS=_:$4HV69F.!@#G@\\:US-L]5)XF
M!^87)93DA\%24/@-C/C@<#.-6TZ>]:)X)X6-2.PM@=JLQ'[Q>2I<`X.>.?\`
M4:]ER=+$LMK<B!+;@*N6T.`9VY`*=^WOCG''VU?=N]3?/\M,@*6DJYW.(4<?
M3G!P3C&<?8^V=.V5LYS@>/\`?.N>JL],.M4%UBIZ.Y5!E5TIT23Y;$@+IVKW
M'O`[58+G`)`+8!.-6?IYXZB"&:(]Z2QJZL![,`02..W^!QCD'&-0C4*;+I;R
MF92<%./JVJ`R<`#D=\_KJ8Z?4HU292]'.`KD)*DDXP,<YY]R?C6?1HT:\6O?
MHT:-&C1HT:-&C1K')(L:LS$*``2S'`&3CD\`<X`YY)`U2;KAU92G:6BIIBL4
M,DT:JLU0H<>CANX!57#,N3D#.`2#JP?5G=J;<LDD*LZ3U,<3HZAL]JS'*]RL
MI&3&2<'/`QI-_6/J$]355C&>;/J3R'E\=RA@H&6)P<G.3G('.-29T^MAVJRA
M)6@+2EUL-)W`905)"RH8))VDE!R`"!G()!CR^*__``MH--+"5*:6I9*22%)1
ME(!"AP5`!7?@G&#VC?J7U15_F9JBI"0Q0O-/-+624\<$<7J22SS5,Q6.&"!%
M:6>:1EBC@61Y'50S#6,^+?XI;Q\0>ZI[9;)Y;?TWVW5U=/8:""NN"TN[)!7"
M>+=5\HG>"G^894A_95)4TGK6&.*5D<U<\D<%^_CYZPUEBZ85.W+15UE/=-[W
M*&P-405<U+5T=DI(OVC?*N*2$QY2K#VNS-%WDR4UVJ^^-T4E%`])-HP;]ZM=
M,-A5@C%MWQU%V1L^K9@4].EW-NJU6.JQZ)0JJPW'.4PY/<W<6YT^-H4NB63:
M=:ORM)4W"H-)J-3=+9"ULTVDQ%S)CP04_4ZMI"D(&_!4@8"<Y./WJ-<=3N^X
M:595,<'J:M4H,!96%-AZ;/FL1HS`<W$)90M[>X=F["@=Y`*2\SX'.CUH^&CH
M'+U_OL<\_4OK;9[>UGI*^@I1!M_;]=+<:_:5):9XU>H6V[NLL]%O+=,"R4M+
M/2PV.VU[>O0Q2Q8*BHJ*N6HJ*N>>IJ:N1YZJHGDDDGJ*B5B\E1/)*S22S/(2
M\CR,TC,268L<ZM9\3%)0V.U=-=KV5/E+#:[7<::W6V%G2B@M=!1V:UV6"*E8
ML*>*@MOS-#11HW[BAF6``>E&5J>3DDGR22<>.3G6J55>I%<ZYWO?O7FZ)3DV
ML]4[DF5"-YC2&44RT*%.D4FR+=CQV26(L2AT.!"CM--J<>><;<D39,J0^\XX
M\W5ZEQ+%DVQT:H;/IK;Z5T&E0&PDEP5.XZU3:97+GJ\F0O"I;LZI/@A1:80S
M'2B,PRTUO2J,MR7RNLMR>"3UD@G+244ADDC2>)$1I6B`X*Q._I,1QWCM_4<:
MZ]OWPPD7NF<]N<YDF.,_^./Y>_MK[7<>W:3<E`U'49CGC#O0U:@O+25+(RI(
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MU9/I*^[<$%1@<XQ[?X<_>>=I;PFC>/,K]Q)!_5C'J#&,,/;GWYS_``+<URV&
MU(REG*=YY*A[#GVY^_VU]K*ZF.//-L//CMG*6E9PK;WRX4]\^W[YTY7IGU0>
M&HI`'Q@P?W\P"]N#QCGP#Q[>--:Z(]5:>YT<-!63=RO!3F-GGF;TV><QL?WB
ML%&7^H9&<#)P,C7+V!O&7YBE832#M,7@MR>QO([O],>=,>Z)=0)8'HRU1,0$
MIU*Y?M.)PV"`0>W.1P<\#G2O]1;(;=9EK0T4J0$JX6D8(P1CZ#V/&1[<$^VG
M<Z<WHC$,*?4H':G!3QA6,G`.<_;X_9X*G(S]\GSGW/OK]U\+T_W(FX]O4M46
M9IHF$$K$$9)`=#R23]#!3G'`'DYU]UI4GFE,O.LKQO:<6TK';<VHH5C\L@Z:
M".XEYAEY&2AUEMQ)/<I<0E2<_G@C1HT:-?/7VT:QL`%8MX'<QYXQYY_&!K)K
MH7*4PT%PE!(,=).ZD'!!$+D$'V(.#G^>@)W$(/92DI/ZJ`UT6=J2L=T)41]\
M?\:H%\2>\7-37A)4"(L*(!(V`JD#C&/+`GP.3C'DZ3GU2W*\L]8GJ`=IG&>]
MCGN&?L,8)QY/W]\:8=\0=WE>>L#$L6,2@LX.6))`YX&1W')P/SDZ4QU-N+&6
MI[BRN?F`2#DMQ_:(\X4C&3XX_&G&Z84AF.S'`1PTEDA0&`<("C@'GGD?'/?2
ME]5JV\@O[W,E7F)(SV)4D?'MQQGMP/;*6_CJO-3<NJ^VZ(2L:2W[$IJ@1=[.
MIJKCN+<,51(1]*JSQ6JC*$`E8E$3%^U7%:>D^Z(MA=5^F6_YT$U-LGJ!LK=5
M13%9")Z?;>Y[5?9HLQ!Y09%MZJABBDD1AW+'*W:FIY^,FAJSU'V_>L2&DJMJ
M+;'?O4Q"IHKS=JP(</S**>YQ,%[>Y%D=205E5:E*[QD-&?K4AD!)QWKRN<9.
M,@9P"<>`=."J@T^XK*G6W4DJ72Z]1)M&J#7&%0JE'D1I92"<>86'R$'(`4D$
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M=`KYBR*>_8-R5RF42J2T/!5?MBHR)T^R[K@@MH$^GSX`A.OEO>Y&75D,N)#\
M66TWFWJO39KQ&_RYUOL66Q48E^4>VZI5J.P62S3Z[0U4BD7K;4Z1O/I:@(QD
MS(9>"?5/TZ6V%J8DQ7G::4O3R\5&\KOM+T:GU=O2W=KU*BK$]/:+#ZL5;<.Y
MG9%^8%/"T6'D]19(O3,P9&,=W3:]-N>AJ;=7T)KZ**DDKZV90L0HH()3&:T5
M$A[:+LJ9H8UD:51++5"#N9ZA$=H\O3VF_:V^[_1&)+OO7;\5GDDJBT<-!Z-K
MJJ$COI)FG8U\XH:JXR1>A(TD`(FE:))%KWO3IS5VC;=GZ7["L%POMXNS0WO=
M&[9*2*AI*BEIGKXH+=<:^I>>EHH9ZZ&EJH+09HZ2"2UI50K/<+LRZH=B>(14
M6M4RJ4BKO6_784FV%T^LLU%=!?M^7%B29=P5U-1:=95%12YR3%@F.\'9BDMM
M(`#X&K=Z@>$NJ4FWZ@9%.76J:VN\'9$.%#<K$RN1G:RS2;#MJ'3(\>0Z959A
MI<J$Q2F2Q2FY$MYU9#.[2A]T;/N&R;BD;2RU-MJ&6.CN+]KAI4[O5I)S%VK%
M5*H63LE2,RIF150?0OI;?O+Q2H^3CN!(<M&RCN7/<ISVD?8CC\CDW$W[L2WV
MFJJ-M7FYVG<M0(Y4NZVJ"2:WT-4YEB>F@N-489)*Z(^H\L]%20+3_1"),R/'
M'3:_;8K]GW=:629JRWSAIJ*O*+&9LJ08)6[W$<\7:2T#R=S$Q.BLL\#2;-/@
MJ\:=+\0=OL6'>\N##ZG4BE(=@51P^G;Z@TZ.XX)$ZFPGVVT-5IMI,=ZHTYD`
MS$>KK$%AJ*B1&AX=.K?2.J]+ZXNJPFI#=)]9(9FQ@ZR^N@3@4;X,MR.]);,8
MO><RR_YBPPIE,&0X9"2I5KMA;@9IJ;#JN#%GZR?[+?\`:?8_?\8YU?CI3N21
M9:'$RK@4^#WOSB5N,9]_/G2MMAUY]>F"L05,7<`2.2C8YXS[^Y]L<XU>OI?7
MOWT0!9F#PD@L?T^H><M^2.,YR>!YTS][4MMYN:%)VA+:2,C_`-1\?/)_7["6
M>D=P2'6H14X,**`/J_#@^_S_`,_;3_/ALW8]1%#0/*CI5-Z9`D88(25D`!!#
M'U&+<X\X&/.KH(P(Q_TX'G_>/&E<_#/>)(ZVT$%A_7(^`^,_JR#C[DG)/C31
M(B".X`#N5&XQR2,^W^^=(-?D-,*O*0T@A#B-RB!@%6#]1]LG@9[GWX``R*V9
M.,RBL^8H*6T2A)SGA(2./;MW]N>.^LNC1HU9NKLT:\2_$BS78C_\50/\(G_]
M:]O7F7*/UJ"OA_\`LIJA<^<9BD&<>^,YQ[XQQG.N[7^LSG\/F(*LX[!0^=?)
M_/E.;>^P_M[_`.,Z2[\0,C"HJSG]!AD'Y(RN#]Q@G\Y]_.55=2AB:I.2<FH\
M_@=OV^P&?SIO?Q`VQDJZN0H6[50XQVY^HKY`/VSX]_QI3O4NC/?494X_K&.!
M]S^/O_\`W&G:Z;/@L-`KRG8P"#G&`A&<\?`/W]M);U8CE:G"I/)\S*L\_B3R
M<9/<#VX[\=]*V^(G9E7O3;M716NF$UWME:MXM2"6-%GE02TM71N\@`4STLTU
M0%)0>M#`HE5>])%HX()!X(;&!^I>`P#`\!^UE8CD#(&3SIRN\Z(>K,.P,<D$
M,I(.6;R%*D8X((8$$`_C5!>K_3-F>MW38%5&19)KQ;(X_JJ6,N?VA3K#%D.%
M8FK7L(94,H[3E"WE">)B,MI2'&PG`!V@`;?PX.,C&._')^"-('4GS$JCT:2H
MH$AY98<4=V5;@%-G&5)`QD%:0DE1PH@$ZA38F]]U]-=U6+?FR;C-:-S;5N])
M>+-=(T:98+C1.];3155*RFBKJ*=J9C66ZLS!6TL<T)CE!8+M"?"-\9^Q_B@V
MW'%1,NW^I=BM5L?>^T*N-(Z>HJ&IY$K;]LVH_:%::_;-1<PT-)'/4/N*UQTL
M\6X+931U5LKZW5*&>0PP0Q4CGRK%6![@K`@@@@KP>->[MG<VX=G;@M&Z-KWJ
MY[?O]BKH;A:;S9JV>W72WU4+92>DK('[HI54LF'26FF1FAK*6KI9)J:5+/'5
MX$.GOC3L9+4UQBU>K-N093=@=0$LN.?PUYU:)*J3<D:.`NM6W.?:2B0T%?Q"
MGJ=7,I<AIWSFI#:^%[Q5W;X<KA"6VW:W8-7ELFZ[66Z$)E-MI*/7T=Q84FGU
M:.E0*%A/I9C:!$F(+?E/1MV^+ZE#L%)8@NO)5PI*]ISSVE1@E>TGR.W/'RF]
M8K;_`,.7%;IN&LVO;BADK;Q0/21UM-"Y@IY5AEK**OCA2H!2&5XZ62I42E:8
MQ&1G1:WP3_TAUGZTU-KZ7=74H=L=38Z"VTUAW$]X6FV[U"KX)?D%I:>DKG6>
MS[YNSS12P[?HC<+=NB6.Z5-HEMDM'^PJ=F6YJF]+:JIMN6^BNEU@19::AN,E
M;!25Y601U%(L]'%++%,L+O(I:-PLL)CJ(8X#)5PZ<_6CP_\`5'PR=5CTOZM4
M./;]Q4R?#EPI#4J!5[>K--7-\NGU^CU,(DP9%-G^6763.CL3X*PY'K%+@5*)
M,@Q]@>SNJ]C=:^ETV\K&G/5JC3Z/,9F1$QJE'J<"4F)F729L)M^GU!N;$4I3
M6R#,2924EZDSI+#K$EU=F[Z+HY;(F@V?=MY[@JW9A'4ULMLH;:K!9%C"1262
M"ZU;%PC%%HX0R.W;42O@+!U_LL.XK5+;9W*%B):65D$7RM;'WK'.01*W85>2
MGF5NXO32N52*=87AFG?>ZK'NBH>2JV#3;8O=)++'-+;*B&BFGJ<R!C>[=5V2
M45%1#*7$BYIIPQ=3.0[8C$`#`]O'@<#[`*`H`'``4`#``T[_`$^K]RV74+<N
M>F3JM2;HMZ?%K-/J,Z;!F2XE1B/%YEY#]*;1%6S]3B$M",V@QGG8SK&QQU*\
M-W4"+2JQ4JI3VT6_(H4IB5",:B4JLTR$AAU0*F7X-P.OU!N0E?F..YER0)16
M\EW>LD0OLJ)XZV..3,<L4PAECR"T<L1>.521E6['#1Y&061F'TE=7HZ9$@4K
M`\J80/R!(//W\ZJ516T+N>K].,JDE>U1XS]=2BRO_9'AV+9]\\^,FY72VVEC
M3X')$(([?;UD!/\`+&,?YZVBVKNBWO8UNW?&REBY[7H]>0A37E.-N5**Q*D,
M*;25!*8SSBHZ,$A0:*D%2%)4I5NF]#>HM1DTIX)<-/J;T="QR2TVX6F_J!([
M-@J&2=ZE'D<Z:[\.);YJU?41BN1`?PQ(S^2,\9R/N#IMM&,4\(R3^YA))\DF
M)<D_X:5Q\-MC=JVWGD_UU4QZ?GN##SG[D<8TTF!>Q`G;@1I&@^WTK@XX_'/\
M=)9U+<2:RTD$%92HJX_HQE/.,?'`.?G613I\UBCA83@;U<YQ_;[$Y]_CW^^L
M^C1HU'6K]T:Q.OG(RIX;GRK<-G)^Q/MK+K\(R"#[@C_'1H_^Q[:7)\2FU`E5
M7]D':O;$5*A%!#,6SP!YS[\XYQ]TZ=4K!VU-4GI8*FH#`!0/J&1SC'@_YZV.
MNM&SUW#8Y*A%S*@@A8(D;-CU&PY+*3@9"DDD```8]TQ]8=BS1UE<1$YPU3GM
MC0@%5`PV!CP!C/@Y_@&4Z57$R6&V'5CSF]B"-Y&2D`$D')QCOSCG/R-+UU4M
MPO*+S2%'?N*4X04')1D<`'..<9'(YTG??-C*R2%8R`N.[';Y[R.0/))/D#G5
M:+W;6BDR`Z@/W=R$!UQ)Y7NX[ACN7/&<9]],:WSM.0M4)Z9#$C^[4$XD)\<<
M8'\??52]U;6G4RGTVR%=?IC&/UM@GSS_`#\8]\Z="V*XTIIA&[@)"AA2CSA/
M';@8]NY'.>VL<O4NRY*G7GVVCYB"=N$(R"EQ:B4G(/.2"?C/YX7CU)Z3O7U$
M]ZVS3JUPE>6IK[:DYBCG95#FHMZOZ4/S3$,]32U,BTT\LI>.*3M8K6;])[&Q
MWJS1L!W8#H/J&7PV!@X+X)]_JR-,_NE@F0R*\+$9X+1YX`Y&"2N2""'`#ICZ
M&4,W=7_J3THCO<-3>+7%\O?(Z>3%/%3Q)%=2KB9?7E+1E*R4F2))6=Q*S1*T
M8.2TD,2@\G<DISW(YP,X`QSQ_G.1J*8%2FPUH@55MU+:3M1*62KRBK&U#@`5
ME!)VI(V[3^)1':H@8H0?J#(05,9"2+GDLCAD*R*0K1MWKVL`P9<`C97^!/XE
MH_BKZ8W/I]U+O%1<>KNS1)+?:V@@%FNFX-K055M>P;WMU5;S#11WJDKZN.QW
M4T\=!,+C;;=7/3+#>5>76JJZ>>DJ)J2M@DI*J"1Z>>FG';+#+$WI21NIQ]2N
M.T\><??5X/Z-R^W"P?&+TMI*!IUCW33[QVQ=Z>"1XI*NTUFSKW<%60(,R4]#
M>;99;TT<B/")[533,$DBBFCQ^?\`4T\.UK==_"GU%JTMEB'?72*V[AZI]/[G
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M'CM7ZV)P`H+$@<ZUONF_\0N^A6>U1Z7YU1N&)!8ATR"V$H5-D;&0S&:2`G$A
M]16RPC&`YM2>-,AU9HR;6ZA7M17JA(J#5+KD]E$^8O=,>BA6^/ZI:LJ7)9C*
M;CN.+RMYQHNJ&5[1RV]:VJ;Y).O<ZR5"E<MP``XX#<@=H"XQC``\#5X^DNWF
M>6C/IMVL80<%<%O6/!`Y/`&21C@<^-0;L+9\YJ*<K%(S.T9;NC!.2K>.%/N<
M@Y_CDG3%>BNPYY9*+,4A)]!NU(D)!,HQD-X`Y!.<@C\<;-4>.S9%@VW:P=0Y
M_+]KT6CK>)`WO0:?&8DY"#L2"\A:TA)(2E83N64E9A2Q[?>G5)V86_\`NYST
MA6Q*<Y=?4M.-V3MVJRG()!)R>P%__AGVOV"FJW1C\M(9G+$'#A)#&3G]1)5?
MTY(\G`YU=S`'@8]_Y_?4:],]LC;6W*>-E(FJ&]5U**K!!D(#V`XRQ9LDD%".
M!^HR0,Y;SCC&?\\:4JXZ@*E5Y;X5N2A10A0)4"`HC*2?8^P!(P!\Z=:@PS3Z
M9%CE&TE(.``#@(3@KQ_4>Y.!R>PURT:-&J%JM:-&C1HT:P3T\-2C15$:2Q,!
MW)(H93SD<'CR/<?Z\4$ZZ=)`D]74PT\4M/522F$F-T4+,A<X**X9D\,OY\C.
M-,!P#Y`/\M>1>;/17FD>DK(E=&5^U@H[XV*E0ZM@E2.[/&/XZKEO5IZB3TR4
MJ5Y*L)6E.`H#Y!/!()SCL>QU2*O2&*K&+*TI*PK<A2AP.V<\CN!]AK7,ZB=-
MVBJ)\4\1;)^E$E9A];_2`5&0!G/CC/'WIMNO8K#U@:0@_O/[M^<.>1G_`")_
MU.MASJST#=_F:BEIIYXGE0H\,0)9#W9RWJ%`W=]3J0"6R>W)!TO3?71J:G]9
M?D*LDF3):!.X'U",9SX&![D9)YSG+8V5U"CR&VPF84D`@[RD'(2T?;G&"/OV
MP,8TJ]\],RKS=\="M^[!"5$;2LCV(')R>>?CN=)XONQCF3^JX_7_`';_`&'V
MQC^?_C495FRI>XJ(&7!X;TG..U@1P<J?`]O/YTSW<'2J5)9U>DJU_5@&)2/`
M^QQ_'S^-0YN;8MOVY;+O?+_44MBLEEMLUUNMWN]50VVW6^W*SQFLJZZMD2FI
MH!(OIO/*RK`Q[I7B"]ZS52KVW)PB25'8"0E3>>,'"4$I4M1_I;;"W%*R$IP,
MZ6:X>DC96LB.$@*)*@E:0!@?BPHJ.?8)2HD^P[Z1;\3O3R':>Y;%?*5$C?=T
M-SDJHF#P0K5V86U)*D<NJ^O'61O.J1+B0&=B[2<6A_HM.D-_W=\0M/U6-%=8
M]J=)K/N&H-YBMTL]#6[MW%89ML4>VXZAFA@%SIMO;DO&Y):9IFDI4M]NDGIX
MA6TE9#]KO/H;N7XG>H]FJ[K41=)_A\VI25LFW>JM^@:@J^H4%QJ+2+M7;'VY
M=$HKUN1JV&B7_A^Y4-OJ]L1T-"+K6W2M6^6RDJ[Y;?VY'MWI]2]%.@FS;U9N
ME]%+*:F\WCYRHO\`NFLJZWYVX7.]W6XI11+\U414OJ4U.LDYHK;;Z*E2BM_I
MVZ%#_'QXJHM8Z:W5X5NC")U]]8^I%!<M*[IMJ>GJU)Z;VK<C1C5^/6)<%4@3
M;RJE%>?H\2V8"7)E)5.F.W!*HLN'369TT>'?I9'L*Z[?ZQ=0TKCVO:50;JMF
MVZXVLW'>U<IA9<HSL2G$I<I]MT^HH8E.5JJ*BQYZ([`I[%3;$E3'B]5=Z)OG
M>MQNE.WJT$!2RV9D$;/-;;>\KTU1''%E/3N%365M8'227O\`54=\@57U[NR-
MB5,\D=54Q2&63D1>G(!&JN.U?(RT@4=Y[0>QS&>Y1DRGL?H3-ZJU=QBJ:VM9
MHW'?#^XIW9HF8QJ&#M,''::AOJ[<A`O><W/V%T2J)IXBEOGDR2`.QLEU['("
MR2@$X!/(()XP<XU!_A4\*$#HM_!;NZA(I3M7H=-::M.UXSGJF;;DH2/+JE1F
M;C'<K,?;N9AM-RF:>ZZXOU?JDK")`K\RM=0:_5*O/9=]37*F_49SBE;U+?EN
M)<6VA:3_`*#"UEIH?2`TA(V)`VB/.F/3>2IJJ7^IGS#_`',AQE'_`#R?XX_Q
MTU;H3THIZ>FI[C70%(88J5HTDI2HDEBF[D[7+J65E5^[(;M\$-G.N/27H/!2
M"FN%QIIZ6!!3N4DB@'K=L;DQA>[O4<J"_8>W.0..+A6^@IK?2045+"(J>G0)
M$A[6('G)('G[\#.?QIA+\OIVI*?A1'E;R0'%A25("!C(R`<DXP`.WY$:E^RK
M*;I#:'WD)2H)0$I"5`Y3R>2>W8=ORY`X[D8"HH4!5`P%4!0`.``````/8#7/
M1HU$FI1T:-&C1HT:-&C1HT:-&C1HUUZBFAJ8FBFB29&Y*2#*DYSD@Y'N3X\Z
MAG=_1JRWZ*22EIZ2"<H_[MX7*%BS/W!A(<')P`1VY"G`^K4VL2`2/]\ZQ=[?
M?_(?^M?>//E0'@['?=;.`-J'%I2<JY)`4`<@`?.!WUYWH,:4DA]EIQ.",+0A
M7YD@*21GG@_.EY;O^&JI#RRI01R*QD*O#2RNG"KDEERHR2/.>01[:JSO+X3+
M/N>I6'<EGJ+Q1HDB?L>M-P_8+RK*9H:N6RH8K5-<J2H2&IH;M+!)=*.II*&>
MEK8YJ*F>)U\LC@#!\JQ.0IR01CR#K"U'2U&!-3Q2`C)RBC/]KR`#Y`.KK7>$
MB9#53ZM"AU."Z-LB),:1)C2D'NW)CR`XT\W_`.#B5)SSC.K2D6/3EO"2PXXP
MX22"@A)3C`&TI2"",<8]M(_3X5K,M5'45%ACN%5%%!315-[6NW!5PT\"HD,,
M57>YJ^ICCC1(PBI*H41Q@'$:%9-LWPZU!9$CH"J9++$M)-Z>2,$I%GL!`502
MBCP/.FT/8[27+&@I\\'/:?8#'OK,*:GI<"GABB!#9[47^R,CD@GC)UZJ;>D:
M@1#$MVWZ10F"D-B/28,6FQDI*AE(9A-LM[?J60G:`"HG'?7B58%.+ID/++KI
M)W.*2E3JMZ@59<4@J.Y0"E9)W$`GGD46V=\-<R+'+/0PTX(B8FIIIT+@^FQ=
M02//)XX`R!JU&U>EFW]MK$TE+3U-0CY&*?"J[$`,&9R64+@$$8'.%&,ZE",#
M@X&2F3Q^=96)&,>[`?RU0:E<M7JP\M^2I+*CD-MK<3RK`()W'*<#``&,9!R"
M=7'`H%,II2XAGS%D@[G`A9SA(SDC.1A.#GC`/L,?BJJJ%4!54!55?I"J.``!
?@``<8'MQKEHT:H&`.P`_35?T:-&C7.C1HT:-&C7_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
