November 2008

Forward Looking Statements

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This presentation contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. Generally, forward-looking statements do not relate strictly to historical or current facts, including statements concerning plans and objectives of management for future operations, economic performance or related assumptions. Forward-looking statements may include words or phrases such as management or the Company “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “projects,” “should,” “will,” “goals,” and other words and terms of similar meaning. Statements regarding future events and developments and our future performance, including statements regarding completion of facilities under construction, closing pending acquisitions, expectations concerning our growth plans, related financings, and future financial results are forward-looking statements. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Although we believe that our expectations regarding future events are based on reasonable assumptions, any or all of the forward-looking statements in this presentation may turn out to be wrong. Actual events or results may differ materially from those indicated in such forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements include, but are not limited to, those discussed in the “Risk Factors” sections of our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K.

Company Representatives

Todd Becker

President & Chief Operating Officer

Jerry Peters

Chief Financial Officer

Green Plains Renewable Energy, Inc.

9420 Underwood Ave., Ste. 100

Omaha, NE 68154

www.gpreinc.com

NASDAQ: GPRE

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Who is Green Plains?

• A leader in ethanol production with 330 million gallons of annual operating capacity

• Currently building a vertically integrated ethanol platform from agronomy services and grain procurement through ethanol production, blending and distribution

• Focus on operational excellence

• Risk management is a core competency

• Well capitalized balance sheet with committed long-term investors

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Overview of Recent Merger

• Green Plains closed its previously announced merger with VBV on October 15th

• VBV shareholders invested $60 million of new equity capital into Green Plains at $10 per share

• VBV’s majority shareholder is NTR plc (www.ntr.ie), a $2.1Bn international renewable energy and sustainable waste management company (and largest shareholder of Green Plains)

• Green Plains stock upgraded to NASDAQ Global market as of October 15th

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Competitive Advantages

• Seasoned management team

• Operational excellence

• Risk management expertise

• Vertical integration throughout the ethanol value chain

• Well capitalized balance sheet with strong liquidity

• Committed long-term investors

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Seasoned Management Team

Name TitleYears in Industry

Background

Wayne Hoovestol Chairman and CEO 25+Built Two National Truck Lines:

Major Transport and Hoovestol, Inc.

Todd Becker President and COO 20+CEO, VBV LLC; EVP Sales & Marketing, Global Ethanol;

Pres, ConAgra Grain Canada; VP of Int Marketing, ConAgra Trade Group

Jerry Peters CFO & Secretary 25+Chief Financial Officer &

Chief Accounting Officer, ONEOK Partners LP; CPA, KPMG

Steve BleylExecutive VP –

Ethanol Marketing25+

CEO, Renewable Products Marketing Group; COO, AXXIS Petroleum; VP for Refining Marketing, Koch Industries

Ron GillisExecutive VP – Finance &

Treasurer30+

CFO, VBV LLC; CFO, Renewable Products Marketing Group; Various finance senior management positions at

ConAgra Trade Group

Michael OrgasExecutive VP – Commercial

Operations30+

Dir of Raw Materials Strategic Sourcing, Malt-O-Meal; Agribusiness Investment Banker, McCarthy & Associates; Various senior management positions at ConAgra Trade

Group

Edgar SewardExecutive VP – Plant Operations

20+

GM, Indiana Bio-Energy LLC; Project Manager, ICM Inc; Various senior management

positions in ethanol plant operations and business development in US and UK at ConAgra Trade Group

Ryan Armasu Executive VP –

Plant Management 20+

Dir of Operations, AkzoNobel; VP for Operations, Orica Inc.; VP for Operations, Quantumsphere

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Risk Management Expertise

• Fundamental focus on EBITDA margin management (corn – gas – ethanol – DDGs)

• Comprehensive risk management policy focused on three main areas of control (all on rolling 12 month positions): (1) tenor limits, (2) hedge percentages, and (3) value at risk (VAR) limits

• Risk committee comprised of senior management and outside parties dedicated to monitoring commodity risk exposure on an ongoing basis

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Risk management is a core competency at Green Plains

Corn and Ethanol Spot Prices

9Note:1. Corn cost per gallon equal to spot price per bushel of corn divided by 2.8 gallons per bushel

(1)

Ethanol Crush Spread

10Note:1. Crush spread equal to spot price per gallon of ethanol less spot price per bushel of corn divided by 2.8 gallons per bushel

(1)

Risk management is critical

Integrated Ethanol Value Chain

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Strategy is to create a vertically integrated platform touching all points of the ethanol

value chain

Effective Corn Procurement

• Ownership of grain storage in locations complementary to ethanol plants is an effective strategy to secure long-term supply needs

– Acquisition of Essex Elevator in September 2007 to support Shenandoah plant (Storage capacity: 2.1MM bushels)

– Acquisition of Great Lakes Cooperative in April 2008 to support Superior plant (Storage capacity: 16.8 MM bushels)

• Grain sourced from relationships with local farmers complements existing supplies as needed

• Direct relationships with local farmers through full service agronomy business helps secure corn supply

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ND

SD

NE

KN

MN

IA

MO

IL

WI

INOH

MI

KY

TN

Overview of Facilities

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Ethanol Production Facilities

GPRE ShenandoahShenandoah, IA55 MMgy Fagen/ICMStarted Production Aug. 2007

Superior Ethanol Superior, IA55 MMgy Agra/Delta-TStarted Production Jul. 2008

Indiana Bio-EnergyBluffton, IN110 MMgy Fagen/ICMStarted Production Sep. 2008

Ethanol Grain ProcessorsObion, TN110 MMgy Fagen/ICMStarted Production Nov. 2008

Legend

Ethanol Production

Grain and Agronomy

Company Headquarters

Ethanol Marketing and Distribution

• Currently developing a fee based ethanol marketing and distribution platform

• Management has extensive ethanol marketing expertise

• 250 MMgy of ethanol currently under exclusive third party marketing arrangements

• Marketing directly to retailer and blenders

• Expect to “touch” 850 – 1,000 MMgy by 2009

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Green Plains Capitalization

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Notes:1.Capitalization based on financial data for each entity as reported in S-4 filed on September 4, 20082.VBV Shareholder’s Equity includes minority interests which were purchased in exchange for Green Plains stock as part of the merger

$MM GPRE VBV Pro Formaas of as of Transaction Pro Forma

5/31/08 6/30/08 Adjustments Consolidated

Cash and Equivalents $7.3 $1.6 $60.0 $69.0

Total Debt $144.2 $117.1 $0.0 $261.3

Shareholder's Equity(2) 114.7 147.3 23.5 285.5Total Capitalization 258.9 264.4 23.5 546.9

PRO FORMA CAPITALIZATION (1)

Green Plains Valuation

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Notes:1.Total shares equals 7,822,028 GPRE shares outstanding as of GPRE 8/31/08 10-Q filing plus 10,871,472 shares issued in exchange for IBE and EGP units in the merger plus 6,000,000 shares issued to VBV in the primary investment; options are excluded2.Green Plains had drawn $16MM on a corporate term loan and $23.743 MM on a Green Plains Grain revolving credit facility to finance its inventories3.EGP had $51.8 MM of undrawn construction loan availability, IBE had $47.5 MM and Superior Ethanol had $6.4MM as of the reported financial statements in the S-4

Total GPRE Shares Outstanding(1) (MM) 24.7GPRE Stock Price (11/07/2008) $3.39Equity Value ($MM) $83.7

Total Debt ($MM) $261.3

Non-Ethanol Grain Financing(2) ($39.7)Total Cash ($MM) ($69.0)Remaining Construction Costs(3) ($MM) $105.7Total Enterprise Value ($MM) $342.0

Corn Storage for Green Plains Grain (MM bushels) 18.9Asset Value per Bushel $0.75Asset Value of Green Plains Grain $14.2

Enterprise Value of Ethanol Business $327.8

Total Operating Gallons (MMgy) 330Enterprise Value of Ethanol Business per Operating Gallon Valuation $0.99

PRO FORMA VALUATION

Industry Dynamics

• Most players are still undercapitalized (public and private)

• Most players still do not effectively manage risk

• Consolidation will likely accelerate

• Well capitalized industry participants will benefit from attractive growth opportunities through acquisitions at distressed valuations

• Profit potential exists across entire ethanol value chain

• Vertical integration and effective risk management will mitigate margin volatility and enhance cash flows

• Movement to approve mid-level blends (E15)

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Opportunities for Green Plains

• Leverage strong balance sheet and public currency to pursue selective acquisitions at attractive valuation levels

• Continue to diversify ethanol platform with upstream grain assets and downstream blending / distribution assets

• 2nd generation bolt-on technologies / Bio-Refinery concept

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Ethanol Myths

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MYTHS TRUTHSEthanol is dependent

on direct federal subsidies

Ethanol receives no direct federal subsidy. The primary incentive is a reduction in federal excise taxes available to blenders and gasoline marketers – not ethanol companies

Ethanol corn usage leads to rising food

prices

Only 4% of increase in Consumer Price Index is directly related to corn costs. The balance of cost of rising food

prices is due to marketing and transportation

Ethanol corn usage displaces foodstuffs

There are two types of corn: field corn and sweet corn. 99% of all US corn acres are field corn, a grain that humans

cannot digest (less than 10% of this is used in human food). 50% was used in animal feed and last year 24% was

used to produce ethanol. One third of corn used to produce ethanol is returned as feed to the livestock market

Sources: Growth Energy, www.growthenergy.org, Citigroup research

Algae Investment

• In April 2008, Green Plains received preliminary approval for $2.3 million grant from Iowa Power Fund for algae R&D (algae opportunities include biofuel feedstock, feed product, and carbon sequestration)

• Green Plains synergy - existing biofuel and feed marketing, utilization of waste heat, water and carbon dioxide

• Green Plains is participating in a joint venture, BioProcess Algae LLC, to commercialize photobioreactor technology for continuous algae production

• JV partners include: CLARCOR, Inc., a $1.5Bn NYSE listed company, BioProcessH20 (a filtration company partially owned by CLARCOR), and NTR plc (Green Plains’ largest shareholder)

• Expect pilot project to be constructed at GPRE Shenandoah

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