<SEC-DOCUMENT>0001019687-13-001039.txt : 20130328
<SEC-HEADER>0001019687-13-001039.hdr.sgml : 20130328
<ACCEPTANCE-DATETIME>20130328172032
ACCESSION NUMBER:		0001019687-13-001039
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20130327
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130328
DATE AS OF CHANGE:		20130328

FILER:

	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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21467
		FILM NUMBER:		13725073

	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>8-K
<SEQUENCE>1
<FILENAME>paceth_8k-032713.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Date of Report (Date of earliest event reported)</FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>March 27, 2013</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>PACIFIC ETHANOL, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Exact name of registrant as specified in its charter)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>000-21467</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>41-2170618</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of
incorporation)</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(IRS Employer Identification No.)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>400 Capitol Mall, Suite 2060, Sacramento, CA</B></FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>95814</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Registrant&rsquo;s telephone number, including area code:</FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(916) 403-2123</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Former name or former address, if changed since last report)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(<I>see </I>General Instruction A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings">o</FONT>&#9;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings">o</FONT>&#9;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings">o</FONT>&#9;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings">o</FONT>&#9;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 12pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>







<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item 1.01</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Entry into a Material Definitive Agreement.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: black">On March 27,
2013, Pacific Ethanol, Inc. (the &ldquo;<U>Company</U>&rdquo;) entered into a letter agreement (the &ldquo;<U>Letter Agreement</U>&rdquo;)
with the holders of the Company&rsquo;s Series B Cumulative Convertible Preferred Stock (&ldquo;<U>Series B Preferred Stock</U>&rdquo;),
pursuant to which the Company agreed to pay to the holders of the Company&rsquo;s Series B Preferred Stock an aggregate of $731,492<B>
</B>of the accrued and unpaid dividends owed to the holders through the issuance of an aggregate of 2,089,977 shares (the &ldquo;<U>Shares</U>&rdquo;)
of the Company&rsquo;s common stock. In connection with the issuance of the Shares, each of the holders agreed to forbear from
exercising such holder&rsquo;s rights, if any, held by such holder with respect to the remaining accrued and unpaid dividends through
September 30, 2014. Under the terms of the Letter Agreement, the Company agreed to issue to each of the holders the number of shares
of the Company&rsquo;s common stock </FONT>equal to the quotient obtained by dividing (a) the payment amount of the accrued and
unpaid dividends owed to such holder set forth in the letter agreement, by (b) $0.35. As of March 13, 2013, an aggregate of approximately
$5.9 million<B> </B>of accrued and unpaid dividends were owed to the holders of the Company&rsquo;s Series B Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Shares were issued and sold pursuant
to an effective registration statement on Form S-3 (Registration No.&nbsp;333-180731, as supplemented to date, the &ldquo;<U>Registration
Statement</U>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: black">The forgoing
description is intended to provide a summary of the material terms of the </FONT>Letter Agreement. This summary is qualified in
its entirety by reference to the Letter Agreement which is filed as Exhibit 10.1 to this Current Report on Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item 8.01.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Other Events.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the offering discussed
in Item 1.01, the legal opinion letter of Troutman Sanders LLP, counsel to the Company, regarding the validity of the Shares is
filed as Exhibit&nbsp;5.1 to this Current Report on Form&nbsp;8-K.&nbsp; The legal opinion letter is also filed with reference
to, and is hereby incorporated by reference into, the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item 9.01.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Financial Statements and Exhibits.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD><U>Financial statements of businesses acquired</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD><U>Pro forma financial information</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD><U>Shell company transactions</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD><U>Exhibits</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Number</U></FONT></TD>
    <TD STYLE="width: 88%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.1</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Opinion of Troutman Sanders LLP (*)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.1</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Letter Agreement, dated March 27, 2013, by and among the Company and the holders of the Company&rsquo;s<FONT STYLE="color: black"> Series B Cumulative Convertible Preferred Stock</FONT> (*)(**)</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -27pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>(*)</TD><TD>Filed herewith.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">(**)</TD><TD>To be filed with the Company&rsquo;s 10-Q for the quarter ending March 31, 2013. The agreement filed as an exhibit to this
report contains representations and warranties made by the parties thereto. The assertions embodied in such representations and
warranties are not necessarily assertions of fact, but a mechanism for the parties to allocate risk.&nbsp;&nbsp;Accordingly, investors
should not rely on the representations and warranties as characterizations of the actual state of facts or for any other purpose
at the time they were made or otherwise.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-top: 12pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Date:&nbsp;&nbsp;March 28, 2013</FONT></TD>
    <TD STYLE="width: 50%; padding-top: 12pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">PACIFIC ETHANOL, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By: <U>/S/ CHRISTOPHER W. WRIGHT&#9;</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Christopher W. Wright</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President, General Counsel &amp; Secretary</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBITS FILED WITH THIS REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; padding-top: 12pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Number</U></FONT></TD>
    <TD STYLE="width: 88%; padding-top: 12pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Opinion of Troutman Sanders LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">5</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>paceth_8k-ex0501.htm
<DESCRIPTION>OPINION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">EXHIBIT 5.1</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: center">&nbsp;<IMG SRC="image_001.gif" ALT=""></TD>
    <TD STYLE="width: 33%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">TROUTMAN SANDERS LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Attorneys at Law</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">5 Park Plaza, Suite 1400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Irvine, CA 92614-2545</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">949.622.2700 telephone</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">troutmansanders.com</P>
</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">March 28, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pacific Ethanol, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">400 Capital Mall, Suite 2060</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sacramento, California 95814</P>

<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; text-indent: 0.5in">Re:&#9;<U>Registration Statement on Form S-3</U></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have acted as counsel to Pacific Ethanol,
Inc., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), in connection with the proposed offer and sale by the Company
of 2,089,977 shares (the &ldquo;<U>Shares</U>&rdquo;) of the Company&rsquo;s common stock, par value $0.001 per share (the &ldquo;<U>Common
Stock</U>&rdquo;), pursuant to a letter agreement dated March 27, 2013 among the Company and the holders of the Company&rsquo;s
Series B Cumulative Convertible Preferred Stock (the &ldquo;<U>Letter Agreement</U>&rdquo;) as described in the Company&rsquo;s
Registration Statement on Form S-3 (File No. 333-180731) filed with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;)
under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;) (as amended and supplemented through and
including the date hereof, including by the prospectus supplement (the &ldquo;<U>Prospectus</U>&rdquo;) dated March 27, 2013 (the
&ldquo;<U>Registration Statement</U>&rdquo;)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This opinion letter is being furnished in
connection with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act, and no opinion is expressed herein
as to any matter pertaining to the contents of the Registration Statement, other than as expressly stated herein with respect to
the issuance of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As such counsel and for purposes of our
opinions set forth herein, we have examined and relied upon the original or copies, certified or otherwise identified to our satisfaction,
of such documents, resolutions, certificates and instruments of the Company, and have reviewed certificates of public officials,
statutes, records and such other instruments and documents and have made such investigations of law as we have considered necessary
or appropriate as a basis for the opinions set forth in this opinion letter. In such examination, we have assumed (i) the genuineness
of all signatures on all agreements, instruments and other documents submitted to us; (ii) the legal capacity and authority of
all persons or entities executing all agreements, instruments and other documents submitted to us; (iii) the authenticity and completeness
of all agreements, instruments, corporate records, certificates and other documents submitted to us as originals; (iv) that all
agreements, instruments, corporate records, certificates and other documents submitted to us as certified, electronic, facsimile,
conformed, photostatic or other copies conform to authentic originals thereof, and that such originals are authentic and complete;
(v) the due authorization, execution and delivery of all agreements, instruments and other documents by all parties thereto; (vi)
that no documents submitted to us have been amended or terminated orally or in writing except as has been disclosed to us; (vii)
that the statements contained in the certificates and comparable documents of public officials, officers and representatives of
the Company and other persons on which we have relied for the purposes of this opinion letter are true and correct; and (viii)
that each of the officers and directors of the Company has properly exercised his or her fiduciary duties. As to all questions
of fact material to this opinion letter and as to the materiality of any fact or other matter referred to herein, we have relied
(without independent investigation) upon certificates or comparable documents of officers and representatives of the Company. In
addition, with your consent, we have assumed that all choice of law provisions are legally enforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<IMG SRC="image_002.gif" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pacific Ethanol, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 28, 2013</P>

<P STYLE="margin: 0pt 0">Page <FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the foregoing and the other matters
set forth herein, it is our opinion that, as of the date hereof, the Shares have been duly authorized by the Company and, when
and to the extent issued and sold in accordance with the terms of, and in the manner contemplated by, the Letter Agreement, including
payment in full to the Company of all consideration required therefor, and as described in the Registration Statement, the Shares
will be validly issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our opinions are subject to (i) the effect
of any bankruptcy, insolvency, reorganization, moratorium or similar laws and principles affecting creditors&rsquo; rights generally
(including, without limitation, fraudulent transfer or fraudulent conveyance laws); and (ii) the effect of general principles of
equity (including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing) and the availability
of equitable remedies (including, without limitation, specific performance and equitable relief), regardless of whether considered
in a proceeding in equity or at law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We express no opinion with regard to the
applicability or effect of the law of any jurisdiction other than the General Corporation Law of the State of Delaware as in effect
on the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This opinion letter is prepared for your
use in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant
to the applicable provisions of the Securities Act solely for such purpose. We hereby consent to the filing of this opinion as
an exhibit to the Company&rsquo;s Current Report on Form 8-K dated March 28, 2013, the incorporation of this opinion by reference
in the Registration Statement and to the use of our name under the caption &ldquo;Legal Matters&rdquo; in the Prospectus and Registration
Statement.&nbsp; In giving this consent, we do not hereby admit that we come within the category of persons whose consent is required
under Section&nbsp;7 of the Securities Act, or the rules or regulations of the Commission promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">/S/ TROUTMAN SANDERS LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_001.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.gif
M1TE&.#EA\P!3`/<``/______S/__F?__9O__,___`/_,___,S/_,F?_,9O_,
M,__,`/^9__^9S/^9F?^99O^9,_^9`/]F__]FS/]FF?]F9O]F,_]F`/\S__\S
MS/\SF?\S9O\S,_\S`/\`__\`S/\`F?\`9O\`,_\``,S__\S_S,S_F<S_9LS_
M,\S_`,S,_\S,S,S,F<S,9LS,,\S,`,R9_\R9S,R9F<R99LR9,\R9`,QF_\QF
MS,QFF<QF9LQF,\QF`,PS_\PSS,PSF<PS9LPS,\PS`,P`_\P`S,P`F<P`9LP`
M,\P``)G__YG_S)G_F9G_9IG_,YG_`)G,_YG,S)G,F9G,9IG,,YG,`)F9_YF9
MS)F9F9F99IF9,YF9`)EF_YEFS)EFF9EF9IEF,YEF`)DS_YDSS)DSF9DS9IDS
M,YDS`)D`_YD`S)D`F9D`9ID`,YD``&;__V;_S&;_F6;_9F;_,V;_`&;,_V;,
MS&;,F6;,9F;,,V;,`&:9_V:9S&:9F6:99F:9,V:9`&9F_V9FS&9FF69F9F9F
M,V9F`&8S_V8SS&8SF68S9F8S,V8S`&8`_V8`S&8`F68`9F8`,V8``#/__S/_
MS#/_F3/_9C/_,S/_`#/,_S/,S#/,F3/,9C/,,S/,`#.9_S.9S#.9F3.99C.9
M,S.9`#-F_S-FS#-FF3-F9C-F,S-F`#,S_S,SS#,SF3,S9C,S,S,S`#,`_S,`
MS#,`F3,`9C,`,S,```#__P#_S`#_F0#_9@#_,P#_``#,_P#,S`#,F0#,9@#,
M,P#,``"9_P"9S`"9F0"99@"9,P"9``!F_P!FS`!FF0!F9@!F,P!F```S_P`S
MS``SF0`S9@`S,P`S````_P``S```F0``9@``,P``````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````"P`````\P!3```(_P`!"!Q(L*#!@P@3*ES(L*'#
MAQ`C2IQ(L:+%BQ@S:MS(L:/'CR!#BAQ)LJ3)DRA3JESI<07+ES!CREQHA97-
MFZP"Z=S)4V?.0#AMNIQ)M*A1A5:N*5W*M*G3IU:.2IU:-.G2GSQ9,<6Z4^O2
M0%3#BE49:&E4@U:5LCJXPBO8L7#C@BQ[[2W:K0C;U@4P=.0**X`!]]TX>.#0
MPG(Q(JY8F.YB`'35)BP;J&W0GCVM/$ZX`NC3G&<+UM2*E73.@T!MICYM.>C-
MK*YO\L6YVF[#V$(9KE[;<#?OA9=Q%B0]&2_"I&NM^'SZ.;1"O5>[,JU<L+/G
MK3J=#U3N]5I.ERN8B_]WRIN[T\W5R>OLS51[WNY[%TI7NG-X?-3&V7HGF-:[
MX!6=P<<*>I&QHEEU:1G(5G<#LF>;5:`!"%ADU_SW%UT-"A1>4^XA1.%^#VU(
MGT/]W;>07AT"(%A"_?UV$&`%3?<B@X\5F***[1W$((DFAI<A?TP5]I=2@\$'
MXHFD?051B^@1]&&3`VD%I8?Y-02=B01=^>-`!3;9GWL[.@BD;=L%J>,U1=ID
M)DUUA>G0AS>FU]2;:%)$H8L,74FFDVL:)J-N5PVF)YT/5OABGWP66>&?"I6E
MG)(.^=C=GN\UA2>54^)W%42#YL6H0&Z>^"D`H2)E:)F+]9=JG5&B6:I!&W;_
MMBF=@"'*F7=-45I069D:=">GDRKT:7^ZGJF6HI*QYQR`Q]EJ6%^60>;LF-(F
M>QN:(IXJZH`<RL>J1+^&&*RGD`I$8:\4.O<JE7$"N=24T69;+*F&=MD0<J#.
MNBV.TW+Y;43A1CJN?F89!A^G5:Y[:+MEOFLEB#1ZVF"!M)K;;Y8@WKD9KW96
MF>?`!L$'K<>B,D60PKYJRZ;#>8+X)95O4=PRJ]DR[&.KY:;<ZZXD/P>RNR,V
M'/1#3?6%,L\,"Z3JP[QE>VF^9]G+IHM':WCDE2HGVK&^5OYL\5>#43BOL4J%
M5K6_2?-+)-/^L@QDAN<RI)5S<3]WI-I$(L;Q1`%W_PTI@'_!YY[8$0F.\]VF
MIKUTR[^]S+-===_Z;\W;AKV5WO]"U/?'6QFIVJHY7UMPOM:RJ?C%U&I8:JQM
MK]THEO26KM^EFTN[,Y]<<SY>G(1#9#CIB!=WNMNFNA@YCBXNGM#<*1,/:_!8
MDRGEUK(C"6F)&X\J=Y]G6SR\ZVS:)N_))BH_.\%EV_UTMBKO#6[/G`V,?;.Y
M,U3TX4_C]WWFS4JO+^M"R]KCP`,X`!WM9H?JDZ.H%SR?Y8Q)Z&N@Y$K7/6GM
M;TJ4$<V:\`4T`?II//>36'$"Y3T&YJ]20_M:]8"WI96EL(+N<R'_]">GH#&O
M@S>"D'=BHST_G3!V-IPA>__JY\`4SN9RS4L?G4;'0H=,[UZH0UL2U^(C(>4(
M(5J9%\JJ.,'TQ5!S\$,A[(`(.\HYD82M^R'Y,F4^X=WE74G9DQF?)T05"A&!
M7:S0%Q]2NX7T,'HA0Z,,M4,AMO'(>5@4X)5JHL@KIDR-XSN?#'%UNP"JL3I>
ML]JH(@F<^LVQ.&/KX)1NR#.U-'"1"_*@?58XFTO**H3O(Z)",JFT;HE2AHNI
M&@"AB,@S@2YTAZ/4+D<(/HQ=\HA1)*9W>L7)!#*QEL_4H%I2U$S19'%)R00`
M^)!5S`^NL"S'K*;5CLF77(5(0XR<SF%DV,)2@HT_DRI,.I=IJJMHYY74B53O
MZJG_J^-9\HWMI",BK;*_.O),3>*QB7M:\QF;4,E2=+/431Q9Q*],E#Y0"A!"
M.Z<@>`HH-]XLWT:OXM!Y>J>?([4G0TD:4-QA-$]`P0QF%`HKKLRTI<K)BGM&
M8ZE`)*TOW/%</C]FTYYT=#M%!4IC>`)/F?KD0IA93$QE:J":.'6HD^E*)<52
MP*UFJ:N)":M8QTK6LIKUK&@]RE\"LZ*TNO6M,#52=`X$U[J^-4#8D6M=O&K7
MOLI$2W1%IY'2YM?"_C6>>>FC81=;%%H"C9R,'8N$_A.6-C[TDE:E*4,R"])&
MO<8WH/KL3U3S$\UL!CD['"UN+I,ET_BD*U-M:Z1,.E>I_\A,=TT2YT-[R9_E
MJ`4TYKH."$\:6,/X=KB6RM)Q00C<S7I%-<MM*4LJ*"WIX@]>`LH4.%FD3L"9
MQYZ)5:F&F,67=.:/6-[][DN)65R^I(LH6,O46G6G1.?V\%#%0B6LQ/9+@^HE
MH(Z3YK'HITJUA=(DT>.K,UE)MOJ:*K_=R2$2!6S0(_;W,<1"GQHQU-A<*=@^
M_ES>>38[1DTZ^(T#OJ6W^GNCB+GS1D,A#E$^=-(/EW-`$?9;<J<6OV@&,G26
M10M6`RAA1.:8Q_`5SY`C$D<@DG-N\!D;!U-Y8H$6,\@/"3"*!>C8+!VE1!"E
MR/1"?";-1/G!/:YR$LN73>[ZF/_(/S:B7&C<TYTA\),BCDJ))`SA-U,X>1=K
M2YRT3&',J7.LM/V,=N_3O1L^J7]I+C#YW(;E<LZ+T),^I5Q]*M97@G#)@>P+
MF>UC-O@U68Q)^QW>LG=IBKI4E6!6"ZC#@M?Q'/50+M(MJ0W6PU-36=*MN\^7
MNKI6NK2ZE_O4U&=F397`?3K/JY0@^99ER]3].FG[C+62ZUG?"ZF:17H%;UAK
M#979-2:*I(1F-'U=4S^[4]@<=0TP.X@K\K07*>'>H8U5DNAN(L_*8TNW';?$
M;DRZ^]5VP3(CCST>KSZ*.=:M[*9#338U"AQX=RMX:P\>[(1?3.,X'+A%R#WA
M3G]H2U7_9%8!1PVU7\.[SVI><V@J'1Z&:TNQ2YJX3$S+J4<'^]G07O"I0*XZ
MCF,<J*B#D9L=?&:,T';?(Y=SR8AG&MR$D5Y%GB:.8`YL@<PI@`HF=-,OXND2
MGV1#$5\STJ6+Z5;Q#B]$1V;7,PQVB[01:RG*3J2N;I)YO\YMU^QBL2X>[;ID
M$-6`2K&Z*ZS<P6#:I!V2\1"EC6!!BNX^PZSX8PB/L:V87;^1)E.E=1;R+0N0
M+FF+#&%#0MTY;M=;?N8\O3]_9!%7;_3&I'#>J_TU<D8&ZA9)=NBG/3.I8WWR
MQI<[C&^K8NN)WM6O_E=DF&WB`Y.D1-;5$M(9[^1<=GW@CP&]P#7]CGMD:J?M
MP3XJ>M-\:YB4W3_$-NF/H)/1L?/:^@E>L$\#$]WPBXVM`#@AM6='U/<A"<<@
MQ24AS[5Z)?%^O^4YH8$U]"1D*>4?D"%<J=4N[&,;RV5KH!94R"4>X)$:ZG$:
M#?92SL92(T5],:%>/96`194JT&54E3&#7=%^,\(3A_%95R5;,V*#5\43RI%3
MJI-4J5$L1G5K&J4>P.<7D^6#D556B)%>@!.%5GB%6)B%6KB%7-B%7OB%8!B&
&<A$0```[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image_002.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.gif
M1TE&.#EACP`O`/<``/______S/__F?__9O__,___`/_,___,S/_,F?_,9O_,
M,__,`/^9__^9S/^9F?^99O^9,_^9`/]F__]FS/]FF?]F9O]F,_]F`/\S__\S
MS/\SF?\S9O\S,_\S`/\`__\`S/\`F?\`9O\`,_\``,S__\S_S,S_F<S_9LS_
M,\S_`,S,_\S,S,S,F<S,9LS,,\S,`,R9_\R9S,R9F<R99LR9,\R9`,QF_\QF
MS,QFF<QF9LQF,\QF`,PS_\PSS,PSF<PS9LPS,\PS`,P`_\P`S,P`F<P`9LP`
M,\P``)G__YG_S)G_F9G_9IG_,YG_`)G,_YG,S)G,F9G,9IG,,YG,`)F9_YF9
MS)F9F9F99IF9,YF9`)EF_YEFS)EFF9EF9IEF,YEF`)DS_YDSS)DSF9DS9IDS
M,YDS`)D`_YD`S)D`F9D`9ID`,YD``&;__V;_S&;_F6;_9F;_,V;_`&;,_V;,
MS&;,F6;,9F;,,V;,`&:9_V:9S&:9F6:99F:9,V:9`&9F_V9FS&9FF69F9F9F
M,V9F`&8S_V8SS&8SF68S9F8S,V8S`&8`_V8`S&8`F68`9F8`,V8``#/__S/_
MS#/_F3/_9C/_,S/_`#/,_S/,S#/,F3/,9C/,,S/,`#.9_S.9S#.9F3.99C.9
M,S.9`#-F_S-FS#-FF3-F9C-F,S-F`#,S_S,SS#,SF3,S9C,S,S,S`#,`_S,`
MS#,`F3,`9C,`,S,```#__P#_S`#_F0#_9@#_,P#_``#,_P#,S`#,F0#,9@#,
M,P#,``"9_P"9S`"9F0"99@"9,P"9``!F_P!FS`!FF0!F9@!F,P!F```S_P`S
MS``SF0`S9@`S,P`S````_P``S```F0``9@``,P``````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````"P`````CP`O```(_P`!"!Q(L*#!@P@3*ES(L*'#
MAQ`C2IQ(L:+%BPP#7=O(ZEI'5B`[>MQH!:/)DR@O6N$8J*5(5BU=7@N4LJ;-
MFP<[TARXTB/!%3`!K*"XPLJ*HP:1"E4X="E3@4T91IVH]*#2J@""$NS)JF`@
M5E9"B@49:.K/CVA+0OT*TF/9@6QAKOCJ<:S8:T;CLC(+5ZS:@F'W'EP)<K#8
MG0+!`N8(>&?/0%8BBT0,ER1/G5&Y\ETQ<ZA&R)(]1K;R66A/O%9?\A7X&.%D
MLT/#KE[L$R%GU#PW4M8HN.#'@;<I$U0,H.7PV@*_LIYL6&="C<@+WL8M73A"
MK@EO_TV\,3?UG[JAAO_/J1;R\:X\'=.]QA>F\]0B9V_<N-GZ8,:V+1.$WC2^
M:X]-C6<0<6;]]A-KD.D'W%X&&B2;@&=!UQMP]CF(GU4*)D>?4!!ZI5^'`Q$W
M8'3[E77A<EF1&")-#9XUUXE"54@;>AA^=QMZK5T77G"N;7<>0L;Y%V))+0+'
M7G$;2G<D=)3-U1!V^5$'%(`:SI10:SR2]Q^-7M'4TU^<#55D<NAIE]214QZY
MUI,P@N=66V!%!9V/6S&6Y8!T<L=EB0)=J!R2>R;VUYAALL914TXR!&6-[B59
MV7>TT72G;WFF&&AR._$G%''0)<5E3[!-*.&:BK9I)&HW3I7C?59..ERE8PK_
M:BBJ:O)FD$:CD=8A4%,Q&2.;*IZJEF;>R3@GAU9JF5.P60WJTY](JCE077>1
MR*MO)"6ZT*(64L=MK-RI"6)BLX$K(G_G.@K`2F9]"1YL+,E8)[/(;C?JK'G>
M&2N[6_9X*DARJJN5F\))ZQVD.M+K[GX"?M1>=`LO**.YVS'W:%1`Y>DP008_
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M+6F,`Q)-(DBIZ?@H>OO"3Z>\XJ,)=N=@2S.<XN8C-1<ARSZ*2=6"/ABL-)U,
M6D>)GIF*=9;YS"2!-5GA?/^$PSX]*8M)40$AL\87K6IU+#A'\9UUTL1"(-;$
M=Q`:&`>'5#+]*5%^3&12KCI20H[X,(6>\N'.#G=`1$UH=E=CX+5^=)`PJDB'
MNE&<%85'O904+C40I%;^7-8LI\B0D+&Z497:!2]449`I*4/810KS'/UH;8SJ
M*N2\NO)%5F4JDS5"#`-[%R7Y582,5[),H;#WJEO]CH:7BN`6UR8>*8UR79($
M5$U@-B+!&&=$UZ#4LC)I*]K4#)2R>B'0DL09^1'P))2K7DDXDZ='1H]VF6R1
MXG8#RA<A*GQ<F6;X<&G!^442+)%9SS0QLS8)A8XP?$.6FB(SQ*RQ+)(QB4G^
MHN@_3ID-L2A<\QPO;<)'!*:'<%O))V0$%Y,\D<8\12%<0]/6SJHI=*(QNJBJ
7&KH6."WT<*Z[G$C#-M*2XB2D%`D(`#L_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
