Aventine Reports 4th Quarter and Full Year Results

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Aventine Fourth Quarter Results

· Net loss and the fully diluted loss per share for Q4’08, both of which were negatively
affected by significant declines in ethanol prices and special charges, totaled $36.9 million
and $0.86 per share, respectively

· Physical corn purchases in Q4’08 averaged $4.43 per bushel while gains on short forward
corn positions totaled $6.6 million.

· Construction was suspended on our capital expansion projects at Mt. Vernon, Indiana and
Aurora, Nebraska in Q4’08

· Total cash on hand and availability under our secured revolving credit facility at the end of
Q4’08 declined to $23.3 million, from $119.2 million at the end of Q3’08, and declined
further to $7.3 million at March 12, 2009
· We amended our secured revolving credit facility subsequent to year-end

PEKIN, IL, (March 16, 2009) – Aventine Renewable Energy Holdings, Inc. (NYSE: AVR), a
producer and marketer of clean renewable energy, today released results for its fourth quarter and
full-year ended December 31, 2008. The net loss for the quarter was $36.9 million, or $0.86 per
diluted share, as compared to net income of $3.3 million, or $0.08 per diluted share, in the fourth
quarter of 2007.

Included in the Q4’08 results was a pre-tax cash charge of $9.9 million for demobilization expenses
related to the suspension of our expansion projects, and pre-tax non-cash charges of $4.3 million
related to a loss on an investment in a marketing alliance partner, $1.6 million related to the
impairment of plant development costs and $6.7 million for the establishment of tax related
valuation allowances. Q4’08 was also negatively impacted by falling ethanol prices. The
economic impact of selling gallons held in inventory at the end of Q3’08 with a $2.08 per gallon
value as prices decreased significantly during Q4’08 was a negative impact to gross margins of
approximately $23.1 million.

Conversely, increasing prices throughout Q4’07 positively impacted gross margins by $6.9 million during that period.

Gallons of ethanol sold in the fourth quarter of 2008 increased to 277.9 million gallons, a record, as
compared to 176.2 million gallons in the fourth quarter of 2007. Gallons produced in Q4’08
increased to 48.1 million gallons from 45.6 million gallons in Q4’07. We expect ethanol shipments
in 2009 to decline sharply as we rationalize our ethanol supply sourcing in light of the current
ethanol economic environment.

Commodity spread, defined as gross ethanol selling price per gallon less net corn cost per gallon,
declined to $0.63 per gallon in Q4’08 from $1.17 per gallon in Q4’07. The average sales price per
gallon of ethanol decreased in Q4’08 to $1.81 per gallon from the $1.94 average received in Q4’07.

Corn costs during Q4’08, excluding gains on our corn derivative positions, averaged $4.43 per
bushel, significantly higher than our Q4’07 cost of $3.66 per bushel. The CBOT average daily
closing price for Q4’08 was $3.84 per bushel. Conversion cost in Q4’08 was $0.67 per gallon as
compared to $0.66 per gallon in Q4’07.

Results for Q4’08 were positively impacted by realized and unrealized net gains on derivative
positions and lower SG&A costs. Gains on derivative positions in Q4’08 totaled $11.0 million
versus losses on derivative positions of $5.1 million in Q4’07.

For the year, the net loss was $47.1 million, or $1.12 per diluted share, as compared to net income
of $33.8 million, or $0.80 per diluted share for 2007. In addition to the fourth quarter charges
described above, the 2008 results were also negatively impacted by $31.6 million of losses related
to the sale of auction rate securities and the establishment of tax-related valuation allowances
totaling $16.1 million.

Marketing Alliance - For the past few years, our marketing business has been an important component of our business. Using the gallons we sourced from third parties, we were able to distribute significantly more ethanol than we produced from our own equity production. However with severely declining margins and general liquidity stress due to frozen credit markets, this model no longer works for our Alliance partners or Aventine. As such, in Q4’08 we began negotiating termination agreements
with most of our Marketing Alliance partners and have begun to rationalize our distribution
network to primarily focus on sales of our equity production.

Liquidity - As a result of ethanol industry conditions that have negatively affected our business, we do not currently have sufficient liquidity to meet our anticipated working capital, debt service and other
liquidity needs. In particular, we do not expect to have adequate liquidity to satisfy the $15 million
interest payment due on April 1, 2009 on our outstanding senior unsecured 10% fixed-rate notes or
the $24.4 million due to our EPC contractor, Kiewit Energy Company. In addition, we are
currently in default under our outstanding 10% fixed-rate notes which permits the holders thereof to
accelerate the $300 million principal amount thereof upon 60 days notice. The default under our
10% fixed rate notes constitutes an event of default under our secured revolving credit facility,
which has been waived by lenders under our secured revolving credit facility until April 15, 2009.

As a result, our 2008 financial statements will include an explanatory paragraph by our independent
registered public accounting firm describing the substantial doubt as to our ability to continue as a
going concern.

As of March 12, 2009, $22.2 million in letters of credit and $16.5 million in revolving loans were
outstanding under the amended secured revolving credit facility. After giving effect to the recent
amendment to our secured revolving credit facility, we had $0.7 million of cash and $6.6 million of
additional borrowing availability thereunder as of such date. All of our cash receipts are
automatically applied to reduce amounts outstanding under our amended secured revolving credit
facility and to cash collateralize our letters of credit. As we continue to reduce the number of
gallons of ethanol we sell and hold in inventory, working capital available to support borrowings
under our secured revolving credit facility will reduce proportionately.

The amendment to our secured revolving credit facility requires us to successfully complete an
exchange offer of our outstanding senior unsecured 10% fixed-rate notes for a like principal amount
of a new series of “pay-in-kind” notes. We expect the “pay in kind” notes to (i) require no cash
interest prior to April 1, 2010, (ii) require an increase in the interest rate to 12% per annum and (iii)
grant a second lien on substantially all of our assets which must be contractually subordinated to the
obligations under our secured revolving credit facility. In addition, to encourage holders of our

senior unsecured 10% fixed-rate notes to participate in the exchange offer, we expect to need to
offer the holders of our senior unsecured 10% fixed-rate notes 8.4 million shares of our common
stock (representing approximately 19.9% of our currently outstanding shares of common stock).
There can be no assurances, however, that the required percentage or any holders of the senior
unsecured 10% fixed-rate notes will agree to an exchange on these terms or at all. Failure to have
the holders of 80% of the existing senior unsecured 10% fixed-rate notes commit to participate in
the exchange by March 31, 2009 or the failure to consummate the exchange for 90% of the existing
senior unsecured 10% fixed-rate notes by April 15, 2009 would be an event of default under our
secured revolving credit facility.

Even if we are successful with the senior unsecured 10% fixed-rate note exchange offer, we do not
expect to have sufficient liquidity to meet anticipated working capital, debt service and other
liquidity needs during the current year unless we experience a significant improvement in ethanol
margins or obtain other sources of liquidity. Based on the current spread between corn and ethanol
prices, the industry is operating at or near breakeven cash margins. We experienced negative gross
margins during the second half of 2008 and expect negative gross margins to continue through the
first quarter of 2009 due in part to our fixed price obligations to purchase corn and natural gas at
above current market prices. The current spread between ethanol and corn prices cannot support
the long-term viability of the U.S. ethanol industry in general or us in particular.

In addition, although we suspended construction at both Aurora West and Mt. Vernon during the
fourth quarter, we continue to have construction payment obligations to Kiewit. On March 9, 2009,
the Company received a notice from Kiewit cancelling the engineering, construction and
procurement contracts for Aurora West and Mt. Vernon, referencing our failure to make a recent
payment under the change order agreements dated December 31, 2008. As a result, all remaining
payments due to it and its sub-contractors totaling $24.4 million at February 28, 2009 are due and
payable. We are currently engaged in discussions with Kiewit to negotiate a payment schedule that
falls within the economic constraints with which we are currently operating. We cannot give you
any assurance that we will reach an agreement with Kiewit that works within our existing liquidity
constraints.

Because our obligations to Kiewit are past due, the liens securing these obligations violate the terms
of our 10% fixed rate notes and constitute a default thereunder. Unless such default is cured through
payment, the release of the liens, a negotiated resolution or otherwise, the holders of our 10% fixed
rate notes may accelerate the $300 million principal amount thereof upon 60 days notice. In
addition, the default under our 10% fixed rate notes constitutes an event of default under our
secured revolving credit facility, which is our only current source of liquidity. We have obtained a
waiver from the lenders under our secured revolving credit facility until April 15, 2009. Any
foreclosure on such liens by Kiewit would constitute an event of default under our amended secured
revolving credit facility that is not covered by the waiver.

We remain contractually obligated to complete the suspended plants at Aurora and Mt. Vernon as
well as an additional plant at Mt. Vernon capable of producing 110 million gallons of ethanol
annually and may incur significant penalties because of our failure to complete these facilities as
previously scheduled.

Although we are actively pursuing a number of liquidity alternatives, including seeking additional
debt and equity financing and a potential sale of all or part of the company, there can be no
assurance we will be successful. If we cannot obtain sufficient liquidity in the very near-term, we
may need to seek to restructure under Chapter 11 of the U.S. Bankruptcy Code.

About Aventine - Aventine is a producer, marketer and end-to-end distributor of ethanol to many leading energy companies in the United States. In addition to ethanol, Aventine also produces distillers grains, corn gluten feed, corn germ and brewers’ yeast. Our internet address is www.aventinerei.com.

Forward Looking Statements - Certain information included in this press release may be deemed to be “forward looking statements” within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release, are forward looking statements. Any forward looking statements are not guarantees of Aventine’s future performance and are subject to risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those
contemplated by such forward looking statements. Aventine disclaims any duty to update any
forward looking statements. Some of the factors that may cause Aventine’s actual results,
developments and business decisions to differ materially from those contemplated by such forward
looking statements include the following:
· Changes in or elimination of laws, tariffs, trade or other controls or enforcement practices
such as:
o National, state or local energy policy;
o Federal ethanol and biodiesel tax incentives;
o Regulation currently proposed and/or under consideration which may increase the
existing renewable fuel standard and other legislation mandating the usage of ethanol
or biodiesel;
o State and federal regulation restricting or banning the use of Methyl Tertiary Butyl
Ether;
o Environmental laws and regulations applicable to Aventine’s operations and the
enforcement thereof;
· Changes in weather and general economic conditions;
· Overcapacity within the ethanol, biodiesel and petroleum refining industries;
· Total United States consumption of gasoline;
· Availability and costs of products and raw materials, particularly corn, coal and natural gas;
· Labor relations;
· Fluctuations in petroleum prices;
· The impact on margins from a change in the relationship between prices received from the
sale of co-products and the price paid for corn;
· Aventine’s or its employees’ failure to comply with applicable laws and regulations;
· Aventine’s ability to generate free cash flow to invest in its business and service any
indebtedness;
· Limitations and restrictions contained in the instruments and agreements governing
Aventine’s indebtedness;
· Aventine’s ability to raise additional capital and secure additional financing, and our ability
to service such debt, if obtained;
· Aventine’s ability to retain key employees;
· Liability resulting from actual or potential future litigation;
· Competition;
· Plant shutdowns or disruptions at our plants or plants whose products we market;
· Availability of rail cars and barges;
· Potential decreases in marketing alliance volumes resulting from the acquisition of
marketing alliance partners by our competitors, the reduction of production capacity or
abandonment of announced projects by marketing alliance partners for economic reasons,
the creation of similar marketing alliances by our competitors and other failures to renew
marketing alliance contracts;
· Our ability to complete our ethanol plant expansion projects in a timely manner and at the
expected cost;
· Our ability to receive and/or renew permits to construct and/or commence operations of our
proposed capacity additions in a timely manner, or at all; and
· Fluctuations in earnings resulting from increases or decreases in the value of ethanol or
biodiesel inventory

Contact: Les Nelson
Director – Investor Relations
(309) 347-9709