AEMETIS, INC — Director's Dealing 2007

Dec 13, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AE Biofuels, Inc. (AEBF)
CIK: 0000738214
Period of Report: 2007-12-07

Reporting Person: MCAFEE ERIC A (Director, CEO/Chairman of the Board, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-12-07	Common Stock	J	3343200	—	Disposed	0	Indirect
2007-12-07	Common Stock	J	13000000	—	Acquired	13000000	Indirect

Footnotes

F1: These shares were cancelled pursuant to the terms of the Amended and Restated agreement and the Plan of Merger dated July 17,
2007 with American Ethanol, which was consummated on December 7, 2007 (the "Merger")

F2: These shares were acquired pursuant to the Merger

F3: Includes (i) 6,200,000 shares held by McAfee Capital, LLC, a fund owned by Mr. McAfee and his wife; (ii) 800,000 shares owned
by P2 Capital, LLC, a fund owned by Mr. McAfee's wife and children, and (iii) 12,000,000 shares held by Cagan McAfee Capital
Partners, LLC, of which Mr. McAfee is a 50% owner. Mr. McAfee disclaims beneficial ownership over 50% of the shares held by
Cagan McAfee Capital Partners, LLC except to the extent of his pecuniary interest therein.

F4: N/A