GPRED Green Plains Renewable Energy (MM)

Green Plains Renewable Energy, Inc. ("Green Plains") (NASDAQ: GPRED) today announced the granting of common stock and options to certain individuals to induce such individuals to enter into employment arrangements with Green Plains. A majority of the independent directors of Green Plains approved the grants.

Pursuant to an employment agreement between Todd Becker and Green Plains on October 16, 2008, Mr. Becker received an option to purchase 150,000 shares of common stock. The option issued to Mr. Becker has an exercise price of $10 per share and Mr. Becker became fully vested on October 16, 2008.

In addition to the grant made to Mr. Becker, Green Plains has approved the issuance of grants to induce employment as follows:

--  an option to purchase 50,000 shares of common stock to Ron Gillis, who
    will serve as Green Plains' Executive Vice President - Finance and
    Treasurer;
--  an option to purchase 50,000 shares of common stock to Steve Bleyl,
    who will serve as Green Plains' Executive Vice President - Ethanol
    Marketing;
--  25,000 shares of restricted stock and an option to purchase 50,000
    shares of common stock to Edgar Seward, who will serve as Green Plains'
    Executive Vice President - Plant Operations;
--  an option to purchase 50,000 shares of common stock to Ryan Armasu,
    who will serve as Green Plains' Vice President - Plant Management;
--  25,000 shares of restricted stock and an option to purchase 50,000
    shares of common stock to an individual who will serve as Green Plains'
    Executive Vice President - Commercial Operations; and
--  an option to purchase 10,000 shares of common stock to Keith Gibour,
    who will serve as Green Plains' Director of Accounting, Marketing and
    Trading.
    

The restricted stock grants vest 25% immediately and 25% on the first, second and third anniversary of the grant date. If the employee is terminated prior to the restricted stock being fully vested, the portion of shares not fully vested is forfeited. The stock options also vest in the same manner as the restricted stock. The exercise price for each option is $5.99 per share, except for the option to the new Executive Vice President - Commercial Operations, which will be the fair market value on the date of employment. These grants were all made outside the terms of any existing Green Plains equity incentive plan and pursuant to NASDAQ Marketplace Rule 4350(i)(1)(A)(iv).

About Green Plains

Green Plains, based in Omaha, Nebraska, has the strategy of becoming a vertically-integrated, low-cost ethanol producer. Green Plains' ethanol segment operates two ethanol plants in Iowa and an additional ethanol plant in Indiana with a combined expected operating capacity of 220 million gallons of ethanol per year. Additionally, an ethanol plant in Tennessee, with an expected annual operating capacity of 110 million gallons, is expected to become operational in the fourth quarter of 2008. Green Plains' agribusiness segment operates grain storage facilities and complementary agronomy, feed, and fuel businesses. Green Plains has a grain storage capacity of approximately 22 million bushels.

Due to a recent merger, Green Plains will temporarily trade under the symbol "GPRED" until November 10, 2008. Thereafter, Green Plains will revert back to the trading symbol "GPRE."

This news release may contain, among other things, certain forward-looking statements, with respect to Green Plains, as well as the goals, plans, objectives, intentions, expectations, financial condition, results of operations, future performance and business of Green Plains, including, without limitation, statements preceded by, followed by or that include the words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," "projects," "outlook" or similar expressions. Although we believe that our expectations regarding future events are based on reasonable assumptions, any or all forward-looking statements in this report may turn out to be incorrect. They may be based on inaccurate assumptions or may not account for known or unknown risks and uncertainties. Consequently, no forward-looking statement is guaranteed, and actual future results may vary materially from the results expressed or implied in our forward-looking statements. The cautionary statements in this report expressly qualify all of our forward-looking statements. In addition, the Company is not obligated, and does not intend, to update any of its forward-looking statements at any time unless an update is required by applicable securities laws.

Company Contact: Scott B. Poor Corporate Counsel / Director of Investor Relations Green Plains Renewable Energy, Inc. (402) 884-8700 www.gpreinc.com