Alto Ingredients Inc (ALTO)

[kel3]

Let's Review the Facts -

1.) PEIX Owened 6% more of the plants this quarter , which means 6% more earnings , maybe
15% if they do the Last 9% buy back in the next 2 days.

2.) They were Using 15% USDA Sugar that they bought at 10% of Market Value, 3.5 cents
per pound.

3.) They Were Using the Cellunator at the Stockton plan, which Increases Yield by 2 to 4%
- every percentage point Increases Annual earnings by $3 million dollars.

4.) They Cut their Debt in 1/2 , reducing their Interest payments Significanticantly.

5.) Corn Oil Extraction was running at Majic Valley and Stockton , Producing Signifigant
Corn Oil Earnings.

6.) Distiller Grains/Cattle feed co product price Was Signifigantly higher in Q1 2014
than Q4 2013

7.) Ethanol Margins in California were $1 Higher per gallon than Midwest plants
from train grid lock in the Midwest cutting off supply to the Coasts.

8.) Warrants were excercised by Warrant holders , bringing a Cash Hoard to the
Bottom Line. Warrants will mostly not show as increased share count on this
Earnings as they are Using the Treasury method for accounting for the shares.

9.) This Income is Virtually Tax free,as PEIX has $100M in NOL's Tax Credits
From losses in previous quarters and years.

For these Reasons PEIX should Far exceed Any Other ethanol companies Earnings
Per Share this Quarter and a few to Come. Better than REX,GPRE,ADM,ANDE and VLO.