<SEC-DOCUMENT>0001019687-15-001301.txt : 20150616
<SEC-HEADER>0001019687-15-001301.hdr.sgml : 20150616
<ACCEPTANCE-DATETIME>20150402193657
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001019687-15-001301
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20150402

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:		CORRESP

	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
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    <TD STYLE="width: 34%; text-align: center; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="text-transform: uppercase">Larry A. Cerutti</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">949.622.2710 telephone</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">949.622.2739 facsimile</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">larry.cerutti@troutmansanders.com</P>


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    <TD STYLE="width: 33%; text-align: center; font-size: 10pt"><P STYLE="margin: 0"><IMG SRC="image_001.jpg" ALT="" STYLE="width: 192px; height: 63px"></P>


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    <TD STYLE="width: 33%; text-align: center; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">TROUTMAN SANDERS LLP</P>

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

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

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

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

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


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<P STYLE="margin: 0"></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">April 2, 2015</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase"><U>via edgar correspondence
and FEDEX</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ms. Pamela Long<BR>
Assistant Director</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Division of Corporation Finance<BR>
Securities and Exchange Commission<BR>
100 F Street, NE<BR>
Washington, D.C. 20549</P>

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

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    <TD STYLE="width: 0.5in; font-size: 10pt; font-weight: bold"><font style="font-weight: normal">Re:</font></td>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0"><font style="font-weight: normal">Pacific Ethanol, Inc.</font></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0; text-align: justify">Registration Statement
        on Form S-4</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0; text-align: justify">Filed February
        4, 2015</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-weight: normal"><U>File
No. 333-201879</U></FONT></P></td></tr>
</table>
<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">Dear Ms. Long:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This letter responds
to the comments of your letter dated March 3, 2015 relating to Pacific Ethanol, Inc. (the &ldquo;Company&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The enclosed clean
and marked-to-show-changes copies of Form S-4/A (Amendment No.&nbsp;1 to Form S-4), Reg. No. 333-201879 (the &ldquo;Registration
Statement&rdquo;), contain revisions that are directly in response to your comments. We have reproduced below in bold font each
of your comments set forth in your letter, together with responses in regular font immediately following each reproduced comment.
The page numbers referenced below correspond to the marked versions of the Registration Statement enclosed herewith. The responses
in this letter correspond to the numbers you placed adjacent to the comments in your letter (we note that there are two comments
numbered as comment 35).</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 13.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="padding-right: 0.1in"><B>Please provide us with copies of all materials prepared by the financial advisors and shared
with the boards of directors and their representatives. This includes copies of the board books and all transcripts and video presentations.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">Enclosed with this comment letter
(mailed via FEDEX) are copies of all materials (i) prepared by the Company&rsquo;s financial advisor, Craig- Hallum Capital Group
LLC (Craig-Hallum&rdquo;), and shared with the board of directors of the Company (the &ldquo;Pacific Ethanol Board&rdquo;) and
its representatives and (ii) prepared by RPA Advisors, LLC (&ldquo;RPA&rdquo;), the due diligence advisor to Aventine Renewable
Energy Holdings, Inc. (&ldquo;Aventine&rdquo;), and shared with the board of directors of Aventine(the &ldquo;Aventine Board&rdquo;)
and its representatives. The materials are comprised of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 8pt">Atlanta&nbsp;&nbsp;&nbsp;BEIJING&nbsp;&nbsp;&nbsp;Chicago&nbsp;&nbsp;&nbsp;Hong
Kong&nbsp;&nbsp;&nbsp;New York&nbsp;&nbsp;&nbsp;Norfolk&nbsp;&nbsp;&nbsp;Orange County&nbsp;&nbsp;&nbsp;Portland<BR>
Raleigh&nbsp;&nbsp;&nbsp;Richmond&nbsp;&nbsp;&nbsp;San Diego&nbsp;&nbsp;&nbsp;Shanghai&nbsp;&nbsp;&nbsp;Tysons Corner&nbsp;&nbsp;&nbsp;Virginia
Beach&nbsp;&nbsp;&nbsp;Washington, DC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><IMG SRC="image_007.jpg" ALT="" STYLE="width: 112px; height: 34px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 2, 2015</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"><U>Pacific Ethanol </U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 13.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 0.1in">PowerPoint presentations dated December 24, 2014 and December 29, 2014 prepared by Craig-Hallum.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 0.1in">Opinion Letter dated December 29, 2014 prepared by Craig-Hallum.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"><U>Aventine</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 0.1in">PowerPoint presentation dated December 30, 2014 prepared by RPA.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The written confidential presentation
materials prepared by Duff &amp; Phelps LLC (&ldquo;Duff &amp; Phelps&rdquo;), in its role as financial advisor to Aventine, including
the Aventine Board books prepared by Duff &amp; Phelps and presented to the Aventine Board, are being provided to the Staff by
Jones Day, as counsel to Duff &amp; Phelps, under separate cover on a confidential and supplemental basis pursuant to Rule 418
of the Securities Act of 1933, as amended and Rule 12b-4 under the Securities Exchange Act of 1934, as amended. In accordance with
such Rules, such materials are being provided together with a request that these materials be returned promptly following completion
of the Staff&rsquo;s review thereof. Such materials are not, and will not be filed with or deemed to be part of the Registration
Statement, including any amendments thereto. By separate letter, a request for confidential treatment of these materials pursuant
to the provisions of 17.C.F.R. &sect;200.83 has been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 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: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD STYLE="padding-right: 0.1in"><B>Please note that all exhibits and appendices are subject to our review. Accordingly, please
file or submit all of your exhibits with your next amendment or as soon as possible. Please note that we may have comments on these
exhibits once they are filed, as well as the related disclosure in the filing. Please understand that we will need adequate time
to review these materials before accelerating effectiveness.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The following previously omitted
exhibits and appendices are included as Exhibits to the Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">Exhibit 2.2 &ndash; Amendment
No. 1 to Agreement and Plan of Merger</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">Exhibit 8.1 &ndash; Opinion of Troutman
Sanders LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">Exhibit 8.2 &ndash; Opinion of Akin
Gump Strauss Hauer &amp; Feld LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">Exhibit 23.5 &ndash; Consent of Akin
Gump Strauss Hauer &amp; Feld LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">Exhibit 99.1 &ndash; Form of Proxy
Card of Pacific Ethanol, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">Exhibit 99.2 &ndash; Form of Proxy
Card of Aventine Renewable Energy Holdings, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">Exhibit 99.7 &ndash; List of Companies
Included in Hay Group Survey Data</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">The Company does not believe any additional
materials are required to be filed as Exhibits to the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><IMG SRC="image_007.jpg" ALT="" STYLE="width: 112px; height: 34px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 2, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Page 3</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><U>Prospectus&rsquo; Outside Cover Page</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD STYLE="padding-right: 0.3in"><B>Please revise your descriptions of the merger to describe the transaction in clear, plain English.
Please state simply that Pacific Ethanol will acquire Aventine through a merger.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The Company has revised the
description of the merger on the Outside Cover Page of the joint proxy statement/prospectus contained in the Registration Statement
(the &ldquo;Joint Proxy Statement/Prospectus&rdquo;) and elsewhere throughout the Joint Proxy Statement/Prospectus to describe
the transaction in clear, plain English and to state that the Company will acquire Aventine through a merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD><B>Because this letter to shareholders also serves as soliciting material, strive for a balanced presentation. Where you include
the boards&rsquo; recommendation here and elsewhere, disclose with equal prominence that board members will directly benefit from
the merger. In particular we note that Aventine board members have interests in the merger beyond those of most shareholders.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-indent: 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">Disclosure regarding the recommendation
of the Aventine Board on the Outside Cover Page of the Joint Proxy Statement/Prospectus and elsewhere throughout the Joint Proxy
Statement/Prospectus has been revised to include disclosure regarding the interests in the merger of members of the Aventine Board
beyond those of most of Aventine&rsquo;s stockholders. The Company notes that members of the Pacific Ethanol Board will not directly
benefit from the merger beyond benefiting in their capacity as stockholders of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-indent: 31.5pt">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>5.</B></TD><TD STYLE="padding-right: 0.15in"><B>In addition to stating that the stockholders of Pacific Ethanol will continue to own their
existing shares and the rights and privileges of their existing shares will not be affected by the merger, please disclose that
they will experience dilution from the issuance of shares in this merger. Please revise the disclosure on page 2 under the heading
&ldquo;Q: What will Aventine stockholders receive in the merger for their shares?&rdquo; as well.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The Company has revised the
disclosure on the Outside Cover Page of the Joint Proxy Statement/Prospectus, under the heading &ldquo;Q: What will Aventine stockholders
receive in the merger for their shares?&rdquo; on page 18 of the Joint Proxy Statement/Prospectus and elsewhere in the Joint
Proxy Statement/Prospectus to disclose that the Company&rsquo;s stockholders will experience dilution in the amount of 42% as a
result of the issuance of shares in the merger.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 2, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Page 4</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>6.</B></TD><TD STYLE="padding-right: 0.1in"><B>In addition to specifying the date by which stockholders must request copies of documents incorporated
by reference into the proxy statement/prospectus, please disclose that to obtain timely delivery of such information, stockholders
must request the information no later than five business days before the date they must make their investment decision. <U>See</U>
Item 2 of Form S-4</B>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The Company has revised the
disclosure on the Outside Cover Page of the Joint Proxy Statement/Prospectus to disclose that to obtain timely delivery of copies
of documents incorporated by reference into the Joint Proxy Statement/Prospectus, stockholders must request the information no
later than five business days before the date of the meeting (i.e., the date that the stockholders will make their investment decision).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><U>Questions and Answers About The Merger, page
1 </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Q: Why is Pacific Ethanol asking to amend
its Certificate of Incorporation to create a class of non-voting common stock?, page 5 </U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>7.</B></TD><TD STYLE="padding-right: 0.7in"><B>Here and elsewhere in the prospectus as appropriate, please disclose the reason for structuring
the merger consideration to include non-voting stock.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The disclosure in the &ldquo;Questions
and Answers About the Merger&rdquo; section under the heading &ldquo;Q: Why is Pacific Ethanol asking to amend its Certificate
of Incorporation to create a class of non-voting common stock?&rdquo; on page 21 of the Joint Proxy Statement/Prospectus
and in the &ldquo;Merger Consideration&rdquo; sections on page 196 and page 251 in the Joint Proxy Statement/Prospectus
has been expanded to disclose the reason for structuring the merger consideration to include non-voting common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Q. Will the merger be taxable to stockholders
of Aventine?, page 6</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>8.</B></TD><TD><B>We note your disclosure that in order to maintain the tax free treatment of the merger, Pacific Ethanol is limited in the
amount of non-voting common stock that may be issued. Please expand your disclosure to include more information regarding the limit
of non-voting common stock that may be issued.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The disclosure in the &ldquo;Questions
and Answers About the Merger&rdquo; section under the heading &ldquo;Q. Will the merger be taxable to stockholders of Aventine?&rdquo;
on page 22 of the Joint Proxy Statement/Prospectus and elsewhere in the Joint Proxy Statement/Prospectus has been expanded
to include additional information regarding the limit on the amount of non-voting common stock that may be issued.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 2, 2015</P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Q: Does Aventine&rsquo;s board of directors recommend
that Aventine stockholders adopt the merger agreement and the transactions contemplated thereby? , page 8</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>9.</B></TD><TD><B>Please disclose the aggregate value of the interests that Aventine&rsquo;s board has in this merger.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">Disclosure has been added on page
228 of the Joint Proxy Statement/Prospectus to clarify that in connection with the merger, the Aventine Board will receive
indemnification for acts or omissions occurring prior to the effective time of the merger. The merger agreement also provides that,
prior to the effective time of the merger, Aventine will purchase &ldquo;tail&rdquo; officers&rsquo; and directors&rsquo; liability
insurance policies on terms and conditions reasonably comparable to Aventine&rsquo;s existing directors&rsquo; and officers&rsquo;
liability insurance. Aventine has represented to the Company that although the Aventine Board has the interests described above,
no member of the Aventine Board has any equity interest or equivalent in Aventine capital stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Q: Are there any Pacific Ethanol or Aventine
stockholders already committed to vote in favor of the merger-related proposals? </U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>10.</B></TD><TD><B>Please disclose the number of stockholders Pacific Ethanol entered voting agreements with. </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The Company has revised the disclosure
in the &ldquo;Questions and Answers About the Merger&rdquo; section under the heading &ldquo;Q: Are there any Pacific Ethanol or
Aventine stockholders already committed to vote in favor of the merger-related proposals?&rdquo; on page 22 of the Joint
Proxy Statement/Prospectus and elsewhere in the Joint Proxy Statement/Prospectus to disclose the number of Aventine stockholders
that the Company has entered into voting agreements with.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Summary, page 14</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Conditions to Completion of the Merger, page
24</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>11.</B></TD><TD><B>Please discuss the $10 price condition here and place the likelihood of meeting this condition in context by discussing
Pacific Ethanol&rsquo;s most recent prices. We note the first risk factor.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The
Company and Aventine have entered into Amendment No. 1 to Agreement and Plan of Merger dated March 31, 2015
(the &ldquo;Amendment&rdquo;), which Amendment, among other things, eliminates the $10 price condition. Accordingly, the
Company has revised the disclosure in the Joint Proxy Statement/Prospectus to provide a summary of the terms of the Amendment
in the &ldquo;Background of the Merger&rdquo; section on page 215 of the Joint Proxy Statement/Prospectus&rdquo; and
to remove previous disclosure regarding the $10 price condition throughout the Joint Proxy Statement/Prospectus. The
Amendment has been filed as Exhibit 2.2 to the Registration Statement.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><IMG SRC="image_007.jpg" ALT="" STYLE="width: 112px; height: 34px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 2, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Page 6</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Stockholders Agreements, page 26</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>12.</B></TD><TD><B>Please fully explain the drag-along requirement</B>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The disclosure in the &ldquo;Summary&rdquo;
section under the heading &ldquo;Stockholder Agreements&rdquo; on page 39 of the Joint Proxy Statement/Prospectus has been
expanded to fully discuss the drag-along requirement contained in the Aventine Stockholders Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Aventine Forward-Looking Financial Information,
page 22</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>13.</B></TD><TD><B>Please disclose why Aventine did not provide projections for the combined company.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">Aventine has represented to the Company
that Aventine did not prepare financial projections for the combined company in connection with the financial analysis of the merger
undertaken by Aventine. Aventine has represented to the Company that the Aventine Board did not review or consider any financial
projections for the combined company as part of its deliberation process to approve the merger. Aventine has further represented
to the Company that the Aventine Board reviewed and considered the stand-alone financial projections of Aventine and Pacific Ethanol
in connection with its deliberation process. These stand-alone projections have been disclosed in the section titled &ldquo;Summary&mdash;Forward-Looking
Financial Information&mdash;Aventine Forward-Looking Financial Information&rdquo; on page 35. Further, Aventine has represented
to the Company that the Aventine Board considered a number of additional factors with respect to the approval of the merger, which
can be found in the Joint Proxy Statement/Prospectus, in the section titled &ldquo;The Proposed Merger&mdash;Recommendation of
the Aventine Board and its Reasons for the Merger&rdquo; on page 228. Aventine has represented to the Company that these
factors include, without limitation, the belief of Aventine&rsquo;s management of the combined company&rsquo;s stronger balance
sheet, enhanced liquidity, more diverse geographical footprint, expected cost synergies, enhanced potential to pursue strategic
initiatives, the tax-free nature of this transaction, the enhanced liquidity of Pacific Ethanol&rsquo;s publicly-traded common
stock, a fixed exchange ratio, a floor share price as a condition to closing and Aventine&rsquo;s right to pursue unsolicited superior
takeover proposals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">In addition, Aventine has represented
to the Company that neither RPA Advisors, who assisted Aventine with financial due diligence in connection with the merger, nor
Duff &amp; Phelps LLC, Aventine&rsquo;s financial advisor who provided the fairness opinion to the Aventine Board, prepared, reviewed,
considered or were provided any financial projections for the combined company.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><IMG SRC="image_007.jpg" ALT="" STYLE="width: 112px; height: 34px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 2, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Page 7</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Shares beneficially Owned by Directors and Executive
Officers of Pacific Ethanol and Aventine, page 26</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>14.</B></TD><TD><B>Please expand your disclosure to include the vote required for approval of the merger. <U>See</U> Item 3(h) of Form S-4.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The Company has expanded the disclosure
in the &ldquo;Summary&rdquo; section under the heading &ldquo;Shares beneficially Owned by Directors and Executive Officers of
Pacific Ethanol and Aventine&rdquo; on page 39 of Joint Proxy Statement/Prospectus to include the vote required for approval
of the merger by the Company&rsquo;s stockholders. Aventine&rsquo;s directors and executive officers do not beneficially own any
shares of Aventine common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>The issuance of shares of Pacific Ethanol common
stock and non-voting common stock to Aventine stockholders in the merger will substantially dilute the interest in Pacific Ethanol
held by Pacific Ethanol stockholders prior to the merger, page 33 </U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>15.</B></TD><TD><B>Please quantify to the extent possible the level dilution expected. </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The Company has expanded the disclosure
in the &ldquo;Risk Factors &ndash; Risks Related to the Merger&rdquo; section on page 51 of the Joint Proxy Statement/Prospectus
and elsewhere in the Joint Proxy Statement/Prospectus to quantify the level of dilution that the Company&rsquo;s stockholders are
expected to experience.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Aventine has significant indebtedness under
a term loan facility..., page 37</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>16.</B></TD><TD><B>Please</B> <B>disclose the status of covenant compliance.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The disclosure in the &ldquo;Risk
Factors &ndash; Risks Related to Aventine&rsquo;s Business&rdquo; section on page 56 of the Joint Proxy Statement/Prospectus
has been expanded to disclose the status of Aventine&rsquo;s compliance with the covenants under its credit facilities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Aventine is currently engaged in litigation
stemming from contractual obligations to complete certain capacity expansions in Aurora, Nebraska, page 37</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>17.</B></TD><TD><B>Please disclose with specificity the consequences of a negative outcome in this litigation.</B></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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The disclosure in the &ldquo;Risk
Factors &ndash; Risks Related to Aventine&rsquo;s Business&rdquo; section on page 56 of the Joint Proxy Statement/Prospectus
has been expanded to disclose with specificity the consequences of a negative outcome in the Aurora Coop litigation. We note that
the title of the risk factor has been changed to following: &ldquo;<I>Aventine is currently engaged in litigation regarding the
Aurora Coop&rsquo;s option to purchase the Aurora West Facility.&rdquo;<B> </B></I> In addition, a new risk factor entitled &ldquo;<I>Aventine
is currently engaged in litigation matters that may prevent the combined company from crossing the Exterior Track Loop and require
the combined company to purchase grain for the Aurora West Facility exclusively from the Aurora Coop</I>&rdquo; has been added
to the &ldquo;Risk Factors&mdash;Risks Related to the Combined Company&rdquo; section on page 63 of the Joint Proxy Statement/Prospectus
and the disclosure in the &ldquo;Legal Proceedings&rdquo; section beginning on page 75 of the Joint Proxy Statement/Prospectus
has been revised and expanded to add a new subsection entitled &ldquo;<I>Aurora Coop&mdash;Summary of Disputes</I>.&rdquo;</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><IMG SRC="image_007.jpg" ALT="" STYLE="width: 112px; height: 34px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 2, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Page 8</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Aventine depends on rail, truck, and barge transportation
for delivery of corn to it and the distribution of ethanol to its customers, page 42 </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>18.</B></TD><TD><B>Please disclose the impact the litigation will have on the arrangements discussed here.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The disclosure in the &ldquo;Risk
Factors &ndash; Risks Related to Aventine&rsquo;s Business&rdquo; section on page 56 of the Joint Proxy Statement/Prospectus
has been expanded to add that Aventine does not anticipate that the current litigation with the Aurora Coop will have a material
impact on Aventine&rsquo;s transportation services. A new risk factor entitled &ldquo;<I>Aventine is currently engaged in litigation
matters that may prevent the combined company from crossing the Exterior Track Loop and require the combined company to purchase
grain for the Aurora West Facility exclusively from the Aurora Coop</I>&rdquo; has been added to the &ldquo;Risk Factors&mdash;Risks
Related to the Combined Company&rdquo; section on page 63 of the Joint Proxy Statement/Prospectus to disclose the risk that,
depending on the outcome of such litigation, the combined company may not be able to use railroad transportation for a portion
of its transportation needs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Aventine, and some of its major customers, have
unionized employees and could be adversely affected by labor disputes, page 42 </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>19.</B></TD><TD><B>Please disclose any experience with work stoppages.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The disclosure in the &ldquo;Risk
Factors &ndash; Risks Related to Aventine&rsquo;s Business&rdquo; section on page 56 of the Joint Proxy Statement/Prospectus
has been expanded to disclose that Aventine has not had any recent experience with work stoppages.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>The failure to integrate successfully the businesses
of Pacific Ethanol and Aventine in the expected timeframe would adversely affect the combined company&rsquo;s future results following
the completion of the merger, page 43 </U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>20.</B></TD><TD><B>To the extent estimable, please disclose the costs (or range of costs) expected to be incurred as a result of the merger.
We note the disclosure on page 45 that the &ldquo;exact magnitude&rdquo; is currently unknown.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The disclosure in the &ldquo;Risk
Factors &ndash; Risks Related to the Combined Company if the Merger is Completed&rdquo; section under the risk factor entitled
&ldquo;<I>The combined company will incur significant transaction and merger-related costs in connection with the merger</I>&rdquo;
on page 65 of the Joint Proxy Statement/Prospectus has been expanded to disclose the approximate aggregate amount of costs
expected to be incurred as a result of the merger.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><IMG SRC="image_007.jpg" ALT="" STYLE="width: 112px; height: 34px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 2, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Page 9</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Pacific Ethanol&rsquo;s ability to utilize net
operating loss carryforwards and certain other tax attributes may be limited, page 45 </U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>21.</B></TD><TD><B>Please quantify to the extent possible the amount of potential lost benefit discussed here. </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The disclosure in the &ldquo;Risk
Factors &ndash; Risks Related to the Combined Company if the Merger is Completed&rdquo; section on page 63 of the Joint
Proxy Statement/Prospectus has been expanded to quantify the amount of potential lost benefit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Results of Operations, page 55 </U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>22.</B></TD><TD><B>On page 58, you state the $2 million increase in depreciation and amortization expense during the nine months ended September
30, 2014, was &ldquo;primarily related to Aventine&rsquo;s Aurora facilities.&rdquo; Please revise to expand your explanation to
identify the specific plants and describe the specific events that led to increased depreciation.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The disclosure in the &ldquo;The Companies
&ndash; Aventine Renewable Energy Holdings, Inc. &ndash; Management&rsquo;s Discussion and Analysis of Financial Condition and
Results of Operations&rdquo; section on page 78 of the Joint Proxy Statement/Prospectus has been expanded to identify the
specific plants and describe the specific events that led to the increased depreciation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>The Proposed Merger, page 86</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>23.</B></TD><TD><B>We note your disclosure starting on page 88 regarding the discussion of an equity exchange transaction. Please tell us whether
any alternative transactions were considered? If so, please revise your disclosure to discuss the alternative transactions that
were considered, including why such alternative transactions were not pursued.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">Between September 18, 2014 and October
3, 2014, Mr. Koenig, a representative of Candlewood Investment Group, LP, Aventine&rsquo;s majority stockholder, and Mr. Koehler,
the Company&rsquo;s Chief Executive Officer, had several telephone conversations regarding a potential transaction between the
Company and Aventine, during which they discussed the possibility of a combination of the two companies or the acquisition of the
stock or assets of Aventine by the Company for consideration comprised of cash, stock of the Company or a combination of cash and
stock of the Company. The disclosure in the &ldquo;Proposed Merger &ndash; Background of the Merger&rdquo; section on page 197
of the Joint Proxy Statement/Prospectus has been expanded to include disclosure of such discussions and on page 200 to include
disclosure regarding the reasons why the alternative transactions were not pursued.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><IMG SRC="image_007.jpg" ALT="" STYLE="width: 112px; height: 34px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 2, 2015</P>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>24.</B></TD><TD><B>We note your disclosure on page 97 that on December 9, 2014 a representative of Akin Gump conducted a telephone conference
call to discuss, among other things, the inclusion of Pacific Ethanol non-voting common stock as a component of the merger consideration.
Please revise your prospectus to include disclosure regarding the discussions involving the addition of non-voting common stock
to the merger consideration. Please make corresponding revisions to the Summary section.</B></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">The &ldquo;Summary &ndash; Merger
Consideration&rdquo; section on page 28 of the Joint Proxy Statement/Prospectus and the &ldquo;The Proposed Merger &ndash;
Background of the Merger&rdquo; section on page 197 of the Joint Proxy Statement/Prospectus, have been revised to include
disclosure regarding the inclusion of non-voting common stock to the merger consideration.</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-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Background of the Merger, page 88</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>25.</B></TD><TD STYLE="padding-right: 0.2in"><B>Please revise the discussion in this section to describe in sufficient detail who initiated
contact among the parties, identify all parties present at the meetings, explain the material issues discussed, and the positions
taken by those involved in each meeting. We may have additional comments.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">Disclosure in &ldquo;The Proposed
Merger &ndash; Background of the Merger&rdquo; section beginning on page 197 of the Joint Proxy Statement/Prospectus has
been revised to the extent possible, subject to the availability of records, to provide additional disclosure regarding the meetings
relating to the proposed merger.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Recommendation of the Pacific Ethanol Board
and its Reasons for the Merger, page 103 </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>26.</B></TD><TD><B>Please review and revise the disclosure throughout this section to clearly provide a reasonably detailed discussion that
clearly elaborates on the conclusions drawn by the board as to the benefits or detriments of each factor. Additionally, disclose
whether all factors deemed material were discussed in the prospectus. The current disclosure is often conclusory in nature or unclear.
Please do the same for the recommendation section related to Aventine&rsquo;s board.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">Disclosure in the &ldquo;The Proposed
Merger &ndash; Recommendation of the Pacific Ethanol Board and its Reasons for the Merger&rdquo; section on page 215 of the
Joint Proxy Statement/Prospectus and the section titled &ldquo;The Proposed Merger&mdash;Recommendation of the Aventine Board and
its Reasons for the Merger&rdquo; on page 228 of the Joint Proxy Statement/Prospectus has been revised to provide a reasonably
detailed discussion that elaborates on the conclusions drawn by the Pacific Ethanol Board and the Aventine Board as to the benefits
or detriments of each factor discussed in each section and to disclose that all factors deemed material were discussed in the prospectus.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 2, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Page 11</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><I><U>Risks and Potentially Negative Factors</U></I><U>,
page 104</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>27.</B></TD><TD><B>Please explain how the first bullet represents a negative factor.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The first bullet point in &ldquo;The
Proposed Merger &ndash; Recommendation of the Pacific Ethanol Board and its Reasons for the Merger&rdquo; section on page 215
of the Joint Proxy Statement/Prospectus has been revised to state that the historically poor financial performance of Aventine
was considered by the Pacific Ethanol Board to be a negative factor.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>28.</B></TD><TD><B>Please tell us why the financial presentation of Craig-Hallum and its opinion dated December 29, 2014 constitutes a risk
and/or potentially negative factor.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">Disclosure in &ldquo;The Proposed
Merger &ndash; Recommendation of the Pacific Ethanol Board and its Reasons for the Merger&rdquo; section on page 215 of the
Joint Proxy Statement/Prospectus has been revised to move the bullet referencing that the financial presentation of Craig-Hallum
and its opinion as being a risk and/or a potentially negative risk factor to being a positive factor. The Company inadvertently
characterized the opinion as a negative factor in the Joint Proxy Statement/Prospectus as initially filed.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>29.</B></TD><TD STYLE="padding-right: 0.55in"><B>Please tell us whether you considered including Aventine&rsquo;s $161,000,000 in debt as a
negative factor to the merger.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">Disclosure in &ldquo;The Proposed
Merger &ndash; Recommendation of the Pacific Ethanol Board and its Reasons for the Merger&rdquo; section on page 215 of the
Joint Proxy Statement/Prospectus has been revised to include that Aventine&rsquo;s debt was a negative factor considered by the
Company&rsquo;s board of directors. This disclosure was inadvertently omitted from the Joint Proxy Statement/Prospectus as initially
filed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Opinion of Craig-Hallum Capital Group LLC, page
105 </U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>30.</B></TD><TD><B>Please clarify whether the financial advisor reviewed the combined financial projections. We note they discussed them with
management.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">Craig-Hallum has represented to the
Company that it did not review any combined financial projections in connection with the work performed for Craig-Hallum&rsquo;s
fairness analysis, and Craig-Hallum therefore did not discuss any combined financial projections with the management of either
the Company or Aventine. As disclosed on page 106 of the Joint Proxy Statement/Prospectus as initially filed, Craig-Hallum conducted
discussions with members of senior management of the Company and Aventine with respect to the business and prospects of each company
on a combined basis. Craig-Hallum&rsquo;s discussions with management on those topics, however, involved discussions of qualitative
aspects of the combined companies&rsquo; business and prospects, including topics such as potential production capacity for the
combined companies, diversification of customers and suppliers resulting from combining the companies, and the expected ability
of the combined companies to compete in the marketplace given forecasted industry condition. Craig-Hallum has represented to the
Company that it did not, however, discuss financial projections for the companies on a combined basis with management of any party
to the merger. The disclosure in the &ldquo;The Proposed Merger &ndash; Opinion of Craig-Hallum Capital Group LLC&rdquo; section
on page 219 of the Joint Proxy Statement/Prospectus has been revised to clarify that Craig-Hallum&rsquo;s discussions with
senior management of the Company and Aventine on a combined basis did not include discussion of quantitative financial projections
for the combined company.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><IMG SRC="image_007.jpg" ALT="" STYLE="width: 112px; height: 34px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 2, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Page 12</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>31.</B></TD><TD><B>Please revise to provide expanded disclosure concerning the methodology and criteria used in selecting the companies and
transactions analyzed, including whether any companies or transactions meeting the criteria were excluded.</B></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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The
disclosure in the &ldquo;The Proposed Merger &ndash; Opinion of Craig-Hallum Capital Group LLC&rdquo; section on page 219 of the Joint Proxy Statement/Prospectus has been expanded to include disclosure concerning the
methodology and criteria used in selecting the companies and transactions analyzed by Craig-Hallum. The Company respectfully
advises the Staff that Craig-Hallum has informed the Company that no companies or transactions meeting the criteria described
in the Joint Proxy Statement/Prospectus that were identified by Craig-Hallum were excluded from Craig-Hallum&rsquo;s
analyses.</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-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Recommendation of the Aventine Board and its Reasons
for the Merger, page 114 Risks and Potentially Negative Factors, page 116</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>32.</B></TD><TD STYLE="padding-right: 0.05in"><B>Please disclose whether the fact that the financial adviser did not assess similar companies
or transactions was a factor in the board&rsquo;s determination.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">Additional disclosure has been
added  on page 231 of the Joint Proxy Statement/Prospectus to disclose the fact that the Aventine&rsquo;s financial adviser
did not assess similar companies or transactions was not a factor in the Aventine Board&rsquo;s determination. Aventine has represented
to the Company that each of Aventine&rsquo;s directors, Mr. Continenza, Mr. Horton and Mr. Hakmiller, has extensive experience
in the operation, acquisition and disposition of ethanol facilities in the United States and that during the course of the negotiations
of the terms of the merger agreement, these members of the Aventine Board drew upon their experience with respect to public and
private transactions as well as overtures made by other potential acquirers to assess the Company&rsquo;s offer and critically
review the analysis provided by Duff &amp; Phelps in connection with the fairness opinion.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><IMG SRC="image_007.jpg" ALT="" STYLE="width: 112px; height: 34px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 2, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Page 13</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Opinion of Financial Advisor to the Aventine
Board, page 117 </U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>33.</B></TD><TD><B>We note the limitation on reliance by &ldquo;any other person,&rdquo; which presumably includes shareholders, appearing
in the Duff &amp; Phelps opinion and the descriptions thereof appearing in the prospectus. Please disclose the basis for Duff &amp;
Phelps&rsquo; belief that shareholders cannot rely upon the opinion including (but not limited to) whether Duff &amp; Phelps intends
to assert the substance of the disclaimer as a defense to shareholder claims that might be brought against it under applicable
state law. Describe whether the governing state law has addressed the availability of such a defense to Duff &amp; Phelps in connection
with any such shareholder claim; if not, a statement must be added that the issue necessarily would have to be resolved by a court
of competent jurisdiction. Also disclose that the availability or non-availability of such a defense will have no effect on the
rights and responsibilities of the board of directors under governing state law or the rights and responsibilities of either Duff
&amp; Phelps or the board of directors under the federal securities laws.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">Aventine has represented to the Company
that pursuant to the engagement letter between Aventine and Duff &amp; Phelps, reliance on Duff &amp; Phelps&rsquo; opinion is
limited to the Aventine Board. The Joint Proxy Statement/Prospectus has been revised on page 232 to describe this limited
engagement and disclose that Duff &amp; Phelps would assert the &ldquo;no privity&rdquo; and &ldquo;no third party reliance&rdquo;
defenses to shareholder claims that might be brought against it under applicable state law. The Joint Proxy Statement/Prospectus
has also been revised to disclose that the availability of such defense would be resolved by a court of competent jurisdiction
and would have no effect on the rights and responsibility of the Aventine Board under applicable state law or on Duff &amp; Phelps
or the Aventine Board under federal securities laws.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>34.</B></TD><TD STYLE="padding-right: 0.15in"><B>We note your disclosure on page 118 that Duff &amp; Phelps reviewed the publicly traded securities
of certain other companies and analyzed certain transactions that Duff &amp; Phelps deemed relevant. Please reconcile such disclosure
with your disclosure on page 120 that Duff &amp; Phelps was neither able to identify any relevant transactions nor able to analyze
any public companies that were sufficiently comparable.</B></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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The disclosure appearing on page 235
of the Joint Proxy Statement/Prospectus has been revised in response to the Staff&rsquo;s comment.</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-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Discounted Cash Flow, page 120</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>35.</B></TD><TD STYLE="padding-right: 1.2in"><B>Please disclose the conclusions of this analysis in clear, plain English. </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The disclosure appearing on pages 235-237
of the Joint Proxy Statement/Prospectus has been revised in response to the Staff&rsquo;s comment.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><IMG SRC="image_007.jpg" ALT="" STYLE="width: 112px; height: 34px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 2, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Page 14</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><U>U</U></FONT><U>naudited
Pro Forma Condensed Consolidated Financial Information, page 153 </U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>35.</B></TD><TD STYLE="padding-right: 0.15in"><B>Please tell us what consideration you have given to including an adjustment to your pro forma
balance sheet for direct, incremental transaction costs related to the business combination that are not yet reflected in the historical
financial statements. See Article 1102(b)(6) of Regulation S-X.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The pro-forma financial statements
included in the Joint Proxy Statement/Prospectus include estimated transaction related costs of the Company and Aventine of $1.5
million and $3.2 million, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Preliminary Estimated Purchase Price Consideration,
page 157 </U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>36.</B></TD><TD STYLE="padding-right: 0.1in"><B>We note that your purchase price allocation results in a bargain purchase gain. Please confirm
to us that you have reassessed whether you have correctly identified all of the assets acquired and all of the liabilities assumed
and that you have properly measured the consideration transferred. Please address why you believe that it is reasonable that this
transaction would result in a bargain purchase gain. See ASC 805-30-25-4 for reference.</B></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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The pro-forma financial statements
included in the Joint Proxy Statement/Prospectus have been updated to reflect Aventine&rsquo;s balance sheet at December 31, 2014,
and, as a result, the purchase price allocation has resulted in an estimated goodwill amount, rather than a bargain purchase gain.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>37.</B></TD><TD><B>We note your disclosure that &ldquo;based on your preliminary analysis, no material identifiable intangible assets have
been determined&rdquo; and that none of the purchase price has been allocated to any identifiable intangible assets. We further
note that you disclose that &ldquo;some of Aventine&rsquo;s customer base has purchased ethanol from Aventine for over ten years,&rdquo;
on page 52. Given this, please tell us what consideration was given to identifying customer based intangibles based on the contractual
or separability criteria in ASC 805.</B></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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The
Company has considered Aventine&rsquo;s customer relationships, based on the Company&rsquo;s diligence to date of Aventine,
and, while Aventine has had some customers for many years, the Company has determined that there does not appear to be an
identifiable intangible asset with respect to these customers. Aventine operates in a commodity business which has a finite
amount of supply/capacity and finite amount of demand, which currently are closely matched. Generally, a market exists for
customers at the then prevailing commodity prices. These customers could be comprised of current customers and/or others in
the marketplace. Although the Company has not completed its final purchase price analysis, it believes that there are no
material identifiable customer intangible assets to allocate to the purchase price.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 2, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Page 15</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>38.</B></TD><TD><B>We note that Aventine leases certain assets such as rail cars, barges, buildings and equipment under noncancelable operating
leases as disclosed on page F-14. Please tell us what consideration was given to identifying whether the terms of those leases
are favorable or unfavorable when establishing your preliminary estimated purchase price allocation. See ASC 805-20-25-12.</B></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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The Company has reviewed Aventine&rsquo;s
long term lease commitments that primarily consist of ethanol rail car leases. The Company has reviewed the terms and rates of
these leases and compared them to market rates on similar types of leases. In light of its review, the Company has determined that
Aventine&rsquo;s rail car lease terms appear to be consistent with current pricing terms. As a result, the Company did not determine
an asset or liability related to these leases to be appropriate.<B> </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Disclosure of Pacific Ethanol Capital Stock, page
160 Non-Voting Common Stock, page 161 </U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>39.</B></TD><TD><B>Please revise your disclosure to state that the non-voting common stock will not be listed on the NASDAQ. We note the disclosure
on page 129.</B></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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">The Company has revised the disclosure
in the &ldquo;Description of Pacific Ethanol Capital Stock &ndash; Non-Voting Common Stock&rdquo; section on page 289 of
the Joint Proxy Statement/Prospectus to state that the Company&rsquo;s non-voting common stock will not be listed on the NASDAQ
Capital Market.</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-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Aventine Renewable Energy Holdings Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited) </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Commitments and Contingencies, page F-15 </U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>40.</B></TD><TD><B>We note the two loss contingencies concerning Aurora Cooperative Elevator Company. For each of these contingencies you state
on page F-36 that you are &ldquo;unable to determine the impact such litigation will have.&rdquo; Please explain to us the reasons
you cannot estimate the reasonably possible additional loss or range of loss for each of these contingencies, including (1) the
procedures you undertake on a quarterly basis to attempt to develop a range of reasonably possible loss for disclosure and (2)
what specific factors are causing the inability to estimate and when you expect those factors to be alleviated.</B></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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">Aventine has represented to the Company
that Aventine believes that an estimate of a possible range of loss in connection with the first matter related to claims that
it failed to complete construction and operate its Aurora West Facility by a contractual deadline cannot be made with any reasonable
confidence or precision. Aventine has represented to the Company that, as of the date of this letter, the litigation is still in
early stages of discovery and that the broad range of outcomes and the values potentially attributed to them are too uncertain
to provide a range of loss that is not misleading. Aventine has represented to the Company that while Aventine maintains that the
Aurora Coop&rsquo;s claim has no merit, if adversely adjudicated, the potential loss could involve the difference between the Aurora
Coop&rsquo;s claimed option purchase price and the sum of the fair market value of the land, the Aurora West Facility and related
improvements in question, and the lost income that the Aurora Coop alleges it could have generated if the land and the facility
had been conveyed as of an earlier date, or a number of other less adverse outcomes. Aventine has represented to the Company that
Aventine does not currently have the ability, method or sufficient facts at this time to determine such values. Aventine advises
the Staff that it is monitoring this litigation regularly to determine if either the claims or relief sought are narrowed such
that a reasonable estimate of the range of loss can be provided.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 2, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Page 16</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">Pursuant to the Staff&rsquo;s comment,
Aventine has revised the disclosure appearing on page F-53 of the Joint Proxy Statement/Prospectus with respect to the second
matter related to the grain feed contract.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Pacific Ethanol Form 10-K for the period ended
December 31, 2013 Item 1. Business</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>41.</B></TD><TD><B>Please revise future filings to disclose the amount of revenue earned in each period from the sale of ethanol and the sale
of co-products. Please revise your discussion of the results of operations on page 30 to clarify how the changes in quantities
produced and related pricing impacted your results. Refer to ASC 280-10-50-40 and Item 303 of Regulation S-K. Please provide us
with an example of your intended future 10-K disclosure and revise your Form S-4 to include this information, as well.</B></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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">As discussed with the Staff, the Company
was required to file its Annual Report on Form 10-K for the year ended December 31, 2014 (&ldquo;2014 Form 10-K&rdquo;) on or before
March 16, 2015. In response to the Staff&rsquo;s comment, the Company included the following disclosure in Part I, Item 1 (Business)
of its 2014 Form 10-K under a subsection entitled &ldquo;Customers,&rdquo; the amount of revenue earned by the Company in each
period from the sale of ethanol and the sale of co-products:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&ldquo;We generated $987.9 million, $781.7 million
and $699.5 million in net sales for the years ended December 31, 2014, 2013, and 2012, respectively, from the sale of ethanol.
We generated $111.5 million, $118.7 million and $110.7 million in net sales for the years ended December 31, 2014, 2013, and 2012,
respectively, from the sale of co-products.&rdquo;</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 2, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Page 17</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">In response to the Staff&rsquo;s comment,
the Company included in Part II, Item 7 (Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations)
of its 2014 Form 10-K, the following disclosure in its narrative discussion of its results of operations for the period covered
by the report, to clarify how the changes in quantities produced and related pricing impacted the Company&rsquo;s results of operations:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B><I>&ldquo;Year Ended December 31, 2014 Compared
to the Year Ended December 31, 2013</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">The increase in our net sales
for 2014 as compared to 2013 was primarily due to an increase in our total gallons sold, which was partially offset by a decline
in our average sales price per gallon.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Net sales of ethanol increased
by $206.2 million, or 26%, to $987.9 million for 2014 as compared to $781.7 million for 2013. Our total volume of ethanol gallons
sold increased by 99.3 million gallons, or 24%, to 513.2 million gallons for 2014 as compared to 413.9 million gallons for 2013.
Of the additional 99.3 million gallons of ethanol sold in 2014, an aggregate of 97.8 million gallons were attributable to our sales
as a producer or a merchant and 1.5 million gallons were attributable to our sales as an agent. At our average sales price per
gallon of $2.48 for 2014, we generated $242.5 million in additional net sales from the 97.8 million additional gallons of ethanol
sold as a producer or a merchant in 2014 as compared to 2013. The 1.5 million additional gallons of ethanol sold as an agent had
an immaterial impact on our net sales. The decline of $0.11, or 4.2%, in our average sales price per gallon in 2014 as compared
to 2013 reduced our net sales by $33.1 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Net sales of co-products decreased
by $7.2 million, or 6%, to $111.5 million for 2014 as compared to $118.7 million for 2013. Our total volume of WDG sold increased
by 0.17 million tons to 1.50 million tons for 2014 from 1.33 million tons for 2013. At our average sales price per ton of $72.62
for 2014, we generated $12.3 million in additional net sales from the 0.17 million additional tons of WDG sold in 2014 as compared
to 2013. However, the decline of $14.61, or 16.7%, in our average sales price per ton in 2014 as compared to 2013 fully offset
the increase in our net sales resulting from higher sales volumes, reducing our net sales by $19.4 million. Although net sales
of our other co-products increased in 2014 as compared to 2013, we believe the overall changes in sales volumes and prices of those
co-products were immaterial to our net sales for 2014.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 2, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Page 18</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><I>Cost of Goods Sold and Gross Profit</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Our gross profit improved significantly
to a record $108.5 million for 2014 from $32.9 million for 2013. Our gross margin also improved significantly to 9.8% for 2014
from 3.6% for the same period in 2013. Our gross profit and gross margins increased primarily due to the impact of our production
gallons sold, in particular, due to significantly improved corn crush margins, predominantly related to lower corn costs and tighter
ethanol supplies relative to demand as well as higher ethanol prices in the Western United States due to weather conditions in
the first quarter of 2014 and rail logistics challenges which constrained the flow of ethanol and co-products from the Midwest
to the markets in which we operate. Crush and commodity margins reflect ethanol and co-product sales prices relative to ethanol
production inputs such as corn and natural gas. Our ongoing plant efficiency and yield improvement initiatives also positively
impacted our margins.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Of the additional $75.6 million
in gross profit for 2014 as compared to 2013, $74.4 million in additional gross profit resulted from our total production gallons
sold. Our production gallons sold increased by 33.8 million gallons in 2014 as compared to 2013. Of the $74.4 million in additional
gross profit resulting from our total production gallons sold, $57.4 million in gross profit is attributable to our improved gross
margins and $17.0 million in gross profit is attributable to the 33.8 million gallon increase in production gallons sold in 2014
as compared to 2013.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B><I>Year Ended December 31, 2013 Compared to the
Year Ended December 31, 2012</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">The increase in our net sales
for 2013 as compared to 2012 was primarily due to an increase in our total production gallons sold coupled with an increase in
our average sales price per gallon.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Net sales of ethanol increased
by $82.2 million, or 12%, to $781.7 million for 2013 as compared to $699.5 million for 2012. Our total volume of ethanol gallons
sold declined by 26.9 million gallons, or 6.1%, to 413.9 million gallons for 2013 as compared to 440.8 million gallons for 2012.
Of the 26.9 million fewer gallons of ethanol sold in 2013, an aggregate of 16.4 million gallons were attributable to our sales
as a producer or a merchant and 10.5 million gallons were attributable to our sales as an agent. At our average sales price per
gallon of $2.59 for 2013, we generated $42.5 million in additional net sales from the 16.4 million additional gallons of ethanol
sold as a producer or a merchant in 2013 as compared to 2012. The 10.5 million additional gallons of ethanol sold as an agent had
an immaterial impact on our net sales. The increase of $0.14, or 5.7%, in our average sales price per gallon in 2013 as compared
to 2012 increased our net sales by $39.8 million.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><IMG SRC="image_007.jpg" ALT="" STYLE="width: 112px; height: 34px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 2, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Page 19</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Net sales of co-products increased
by $8.0 million, or 7%, to $118.7 million for 2013 as compared to $110.7 million for 2012. Our total volume of WDG sold increased
by 0.08 million tons to 1.33 million tons for 2013 from 1.25 million tons for 2012. At our average sales price per ton of $87.23
for 2013, we generated $7.0 million in additional net sales from the 0.08 million additional tons of WDG sold in 2013 as compared
to 2012. In addition, the increase of $1.37, or 1.6%, in our average sales price per ton in 2013 as compared to 2012 increased
our net sales by $1.7 million. Although net sales of our other co-products increased in 2013 as compared to 2012, we believe the
overall changes in sales volumes and prices of those co-products were immaterial to our net sales for 2013.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><I>Cost of Goods Sold and Gross
Profit (Loss)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Our gross profit (loss) improved
significantly to a gross profit of $32.9 million for 2013 from a gross loss of $19.5 million for 2012 primarily due to higher corn
crush margins realized at the Pacific Ethanol Plants, predominantly related to lower corn costs and tighter ethanol supply relative
to demand. Our gross margin improved substantially to positive 3.6% for 2013 as compared to negative 2.4% for 2012.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Of the additional $52.4 million
in gross profit for 2013 as compared to 2012, $47.7 million in additional gross profit resulted from our total production gallons
sold. Our production gallons sold increased by 9.1 million gallons in 2013 as compared to 2012. Of the $47.7 million in additional
gross profit resulting from our total production gallons sold, $46.6 million in gross profit is attributable to our improved gross
margins and $1.1 million in gross profit is attributable to the 9.1 million gallon increase in production gallons sold in 2013
as compared to 2012.&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">The revised disclosure in the 2014
Form 10-K in response to this Comment No. 41 is incorporated by reference in the Registration Statement.</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-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Risk Factors, page 16</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>42.</B></TD><TD><B>We note in your risk factors that your business is materially dependent on a small number of third-party suppliers. In future
filings please disclose the amount of revenue generated from the sales of ethanol as a result of these third party suppliers. Please
provide us with an example of the disclosure using actual numbers for the years currently presented.</B></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">As discussed with the Staff, the Company
was required to file its 2014 Form 10-K on or before March 16, 2015. In response to the Staff&rsquo;s comment, the Company included
a risk factor regarding the material dependence of its business on a small number of third-party suppliers in Part I, Item 1A (Risk
Factors) of its 2014 Form 10-K, the amount of revenue generated from the sales of ethanol as a result of these third party suppliers,
as follows:</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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><IMG SRC="image_007.jpg" ALT="" STYLE="width: 112px; height: 34px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 2, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Page 20</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><B><I>&ldquo;In addition to ethanol
produced by the Pacific Ethanol Plants, we also depend on one third-party supplier for a significant portion of the ethanol we
sell. If this supplier does not continue to supply us with ethanol in adequate amounts, we may be unable to satisfy the demands
of our customers and our sales, profitability and relationships with our customers will be adversely affected.&rdquo;</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">In addition to the ethanol produced
by the Pacific Ethanol Plants, we also depend, and expect to continue to depend for the foreseeable future, on one third-party
supplier for a significant portion of the total amount of ethanol that we sell. During 2014, 2013 and 2012, one supplier provided
in excess of 10% of the total volume of ethanol we sold, accounting for an aggregate of approximately $134.6 million, $145.2 million
and $109.9 million in net sales, representing 12%, 16% and 13% of our net sales, respectively, for those periods. This third-party
supplier is located in the Midwest. The delivery of ethanol from this supplier is therefore subject to delays resulting from inclement
weather and other conditions. If this supplier is unable or declines for any reason to continue to supply us with ethanol in adequate
amounts, we may be unable to replace that supplier and source other supplies of ethanol in a timely manner, or at all, to satisfy
the demands of our customers. If this occurs, our sales, profitability and our relationships with our customers will be adversely
affected.&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">The revised disclosure in the 2014
Form 10-K in response to this Comment No. 42 is incorporated by reference in the Registration Statement.</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-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Revenue Recognition, page 38</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>43.</B></TD><TD><B>In future filings, please quantify the amount of sales in each period that was earned as a producer, a merchant and as an
agent. Please provide us with example of your intended future 10-K disclosure and revise your Form S-4 to include this information,
as well.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">As discussed with the Staff, the Company
was required to file its 2014 Form 10-K on or before March 16, 2015. As such, in response to the Staff&rsquo;s comment, the Company
included the following disclosure in Part II, Item 7 (Management&rsquo;s Discussion and Analysis of Financial Condition and Results
of Operations) of its 2014 Form 10-K, in its Critical Accounting Policies&mdash;Revenue Recognition subsection, quantifying the
amount of sales in each period that was earned as a producer, a merchant and as an agent:</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><IMG SRC="image_007.jpg" ALT="" STYLE="width: 112px; height: 34px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 2, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Page 21</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">&ldquo;The following
table shows our net sales generated as a producer, a merchant and as an agent for the years presented (in thousands):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For the Years Ended December 31,</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2012</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Producer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">562,281</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">507,159</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">456,516</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Merchant</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">543,222</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">399,350</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">356,773</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agent</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,909</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,928</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,755</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 31%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 2.25pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,107,412</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 2.25pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">908,437</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 2.25pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">816,044</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</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 0pt 0.05in; text-indent: 0.45in">The revised disclosure in the
2014 Form 10-K in response to this Comment No. 43 is incorporated by reference in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Litigation &ndash; general, page F-37</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>44.</B></TD><TD><B>We note your disclosure regarding the litigation with GS CleanTech. Specifically, we note your statement, &ldquo;the Company
does not expect that any of its pending legal proceedings will have a material financial impact on the Company&rsquo;s operating
results.&rdquo; In future filings, please clarify whether there is a reasonable possibility that a loss exceeding amounts already
recognized may have been incurred and the amount of that additional loss would be material to your operating results, financial
position, liquidity, or a decision to buy or sell your securities. If so, please disclose an estimate of the amount or range of
possible loss or a statement that such an estimate cannot be made. See ASC 450-20-50.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">As discussed with the Staff, the Company
was required to file its 2014 Form 10-K on or before March 16, 2015. As such, in response to the Staff&rsquo;s comment, the Company
included  in the Litigation section of its Commitments and Contingencies note to its consolidated financial statements in its
2014 Form 10-K for 2014 the following additional disclosure concerning the Company&rsquo;s litigation with GS CleanTech Corporation:</P>

<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">&ldquo;The Company did not record a provision for
these matters as of December 31, 2014 as Company management intends to vigorously defend these allegations and believes a material
adverse ruling against Pacific Ethanol, Inc., PE Stockton and/or PE Magic Valley is not probable. The Company believes that any
liability Pacific Ethanol, Inc., PE Stockton and/or PE Magic Valley may incur would not have a material adverse effect on the Company&rsquo;s
financial condition or its results of operations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">The revised disclosure in
the 2014 Form 10-K in response to this Comment No. 44 is incorporated by reference in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.45in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><IMG SRC="image_007.jpg" ALT="" STYLE="width: 112px; height: 34px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 2, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Page 22</P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.2in; margin-bottom: 0pt"><U>Fair Value Measurements, page F-38</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>45.</B></TD><TD><B>You disclose the significant unobservable inputs used in developing the fair value of your warrants which are classified
as a Level 3 measurement. Given that your warrants carried at fair value are a critical accounting policy, please revise your future
filings to address the sensitivity disclosures required by ASC 820-10-50-2(g).</B></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">As discussed with the Staff, the Company
was required to file its 2014 Form 10-K on or before March 16, 2015. As such, in response to the Staff&rsquo;s comment, the Company
included in its Fair Value Measurements note to its consolidated financial statements in its 2014 Form 10-K the following disclosure
to address the sensitivity disclosures required by ASC 820-10-50-2(g):</P>

<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">&ldquo;<I>Warrants</I>&nbsp;&ndash; Except for the
warrants issued September 26, 2012, the Company&rsquo;s warrants were valued using a Monte Carlo Binomial Lattice-Based valuation
methodology, adjusted for marketability restrictions. The warrants issued September 26, 2012, due to no anti-dilution protection
features, were valued using the Black-Scholes Valuation Model.</P>

<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">Significant assumptions used and related fair values
for the warrants as of December 31, 2014 were as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="width: 16%; border-bottom: Black 1pt solid; text-align: center; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Original Issuance </FONT></td>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt">Exercise Price</font></td>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt">Volatility</font></td>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt">Risk Free Interest Rate</font></td>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt">Term (years)</font></td>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt">Market Discount</font></td>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt">Warrants Outstanding</font></td>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt">Fair Value</font></td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD NOWRAP STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt">09/26/2012</font></td>
    <TD STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt">$8.85</font></td>
    <TD STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt">51.0%</font></td>
    <TD STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt">0.19%</font></td>
    <TD NOWRAP STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt">0.74</font></td>
    <TD NOWRAP STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt">37.0%</font></td>
    <TD NOWRAP STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt">473,000</td>
    <TD NOWRAP STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt">&nbsp;&nbsp;&nbsp;&nbsp;748,000</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt">07/3/2012</font></td>
    <TD STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt">$6.09</font></td>
    <TD STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt">56.1%</font></td>
    <TD STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt">0.89%</font></td>
    <TD NOWRAP STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt">2.51</font></td>
    <TD NOWRAP STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt">32.8%</font></td>
    <TD NOWRAP STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt">211,000</td>
    <TD NOWRAP STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt">&nbsp;&nbsp;&nbsp;&nbsp;811,000</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD NOWRAP STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt">12/13/2011</font></td>
    <TD STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt">$8.43</font></td>
    <TD STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt">54.3%</font></td>
    <TD STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt">0.67%</font></td>
    <TD NOWRAP STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt">1.95</font></td>
    <TD NOWRAP STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt">28.7%</font></td>
    <TD NOWRAP STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt">138,000</td>
    <TD NOWRAP STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt">&nbsp;&nbsp;&nbsp;&nbsp;427,000</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt">&nbsp;</td>
    <TD STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt; text-underline-style: double">&nbsp;</font></td>
    <TD STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt; text-underline-style: double">&nbsp;</font></td>
    <TD STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt; text-underline-style: double">&nbsp;</font></td>
    <TD NOWRAP STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt; text-underline-style: double">&nbsp;</font></td>
    <TD NOWRAP STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt; text-underline-style: double">&nbsp;</font></td>
    <TD NOWRAP STYLE="text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt; text-underline-style: double">&nbsp;</font></td>
    <TD NOWRAP STYLE="text-decoration: underline; text-align: center; padding-right: 5pt; padding-left: 5pt"><font style="font-size: 10pt; text-underline-style: double"><u>$1,986,000</u></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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    <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>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><IMG SRC="image_007.jpg" ALT="" STYLE="width: 112px; height: 34px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 2, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Page 23</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Significant assumptions used and related fair values
for the warrants as of December 31, 2013 were as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
    <TD NOWRAP STYLE="width: 16%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Original Issuance </FONT></td>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">Exercise Price</font></td>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">Volatility</font></td>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">Risk Free Interest Rate</font></td>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">Term (years)</font></td>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">Market Discount</font></td>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">Warrants Outstanding</font></td>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">Fair Value</font></td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">06/21/2013</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">$7.59</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">52.4%</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">0.13%</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">1.24</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">22.7%</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">1,051,000</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660,000</font></td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">03/28/2013</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">$7.59</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">52.4%</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">0.13%</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">1.20</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">22.7%</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">788,000</font></td>
    <TD NOWRAP STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495,000</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">01/11/2013</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">$6.32</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">63.3%</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">1.27%</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">4.03</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">43.8%</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">1,709,000</font></td>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,892,000</font></td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">09/26/2012</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">$8.85</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">58.5%</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">0.38%</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">1.74</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">42.3%</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">1,771,000</font></td>
    <TD NOWRAP STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702,000</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">07/3/2012</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">$6.09</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">61.2%</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">1.27%</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">3.51</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">40.2%</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">1,812,000</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,008,000</font></td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">07/3/2012</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">$5.47</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">52.8%</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">0.01%</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">0.01</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">42.3%</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;804,000</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,000</font></td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">12/13/2011</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">$8.43</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">60.4%</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">0.78%</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">2.95</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">37.9%</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;306,000</font></td>
    <TD NOWRAP STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455,000</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt; text-underline-style: double">&nbsp;</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt; text-underline-style: double">&nbsp;</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt; text-underline-style: double">&nbsp;</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt; text-underline-style: double">&nbsp;</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt; text-underline-style: double">&nbsp;</font></td>
    <TD NOWRAP STYLE="text-align: center"><font style="font-size: 10pt; text-underline-style: double">&nbsp;</font></td>
    <TD NOWRAP STYLE="text-decoration: underline; text-align: center"><font style="font-size: 10pt; text-underline-style: double"><u>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,215,000</u></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The estimated fair value of the warrants is affected
by the above underlying inputs. Observable inputs include the values of exercise price, stock price, term and risk-free interest
rate. As separate inputs, an increase (decrease) in either the term or risk free interest rate will result in an increase (decrease)
in the estimated fair value of the warrant.</P>

<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">Unobservable inputs include volatility and market
discount. An increase (decrease) in volatility will result in an increase (decrease) in the estimated warrant value and an increase
(decrease) in the market discount will result in a decrease (increase) in the estimated warrant fair value.</P>

<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">The volatility utilized was a blended average of
the Company&rsquo;s historical volatility and implied volatilities derived from a selected peer group. The implied volatility component
has remained relatively constant over time given that implied volatility is a forward-looking assumption based on observable trades
in public option markets. Should the Company&rsquo;s historical volatility increase (decrease) on a go-forward basis, the resulting
value of the warrants would increase (decrease).</P>

<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">The market discount, or a discount for lack of marketability,
is quantified using a Black-Scholes option pricing model, with a primary model input of assumed holding period restriction. As
the assumed holding period increases (decreases), the market discount increases (decreases), conversely impacting the value of
the warrant fair value.&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">The revised disclosure in the 2014 Form
10-K in response to this Comment No. 45 is incorporated by reference in the Registration Statement.</P>

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><IMG SRC="image_007.jpg" ALT="" STYLE="width: 112px; height: 34px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 2, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Page 24</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">&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">We trust that the foregoing is responsive
to the comments contained in your letter of comments dated March 3, 2015. If you have any questions, please call me at (949) 622-2710.</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 4in">Sincerely yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in"><FONT STYLE="text-transform: uppercase">Troutman Sanders
LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in">/s/ Larry A. Cerutti</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in">Larry A. Cerutti</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">cc: &nbsp;&nbsp;&nbsp;Ameed Hamady (via Edgar correspondence)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">Terence O&rsquo;Brien (via Edgar correspondence)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">Frank
Pigott (via Edgar correspondence)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">Craig Slivka (via Edgar correspondence)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">Christopher W. Wright, Esq. (via email)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">Ackneil M.
Muldrow, Esq. (via email)</P>



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

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

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

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

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

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
