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Cautionary Information Regarding Forward-Looking Statements
The Securities and Exchange Commission, or SEC, encourages companies to disclose forward-looking information so
that investors can better understand a company’s future prospects and make informed investment decisions. This report
contains such “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.
These statements may be made directly in this report, and they may also be made a part of this report by reference to other
documents filed with the SEC, which is known as “incorporation by reference.”
This report contains forward-looking statements based on current expectations that involve a number of risks and
uncertainties. Forward-looking statements generally do not relate strictly to historical or current facts, but rather to plans and
objectives for future operations based upon management’s reasonable estimates of future results or trends, and include
statements preceded by, followed by, or that include words such as “anticipates,” “believes,” “continue,” “estimates,”
“expects,” “intends,” “outlook,” “plans,” “predicts,” “may,” “could,” “should,” “will,” and words and phrases of similar
impact, and include, but are not limited to, statements regarding future operating or financial performance, business strategy,
business environment, key trends, and benefits of actual or planned acquisitions. In addition, any statements that refer to
expectations, projections or other characterizations of future events or circumstances, including any underlying assumptions,
are forward-looking statements. The forward-looking statements are made pursuant to safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. 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, we are not obligated, and do not intend, to update any of our forward-looking statements at any time unless an
update is required by applicable securities laws. Factors that could cause actual results to differ from those expressed or
implied in the forward-looking statements include, but are not limited to, those discussed in the section entitled “Risk
Factors” in this report or in any document incorporated by reference. Specifically, we may experience significant fluctuations
in future operating results due to a number of economic conditions, including, but not limited to, competition in the ethanol
and other industries in which we operate, commodity market risks, financial market risks, counter-party risks, risks associated
with changes to federal policy or regulation, risks related to closing and achieving anticipated results from acquisitions, and
other risk factors detailed in our reports filed with the SEC. Actual results may differ from projected results due, but not
limited, to unforeseen developments.
In light of these assumptions, risks and uncertainties, the results and events discussed in the forward-looking statements
contained in this report or in any document incorporated by reference might not occur. Investors are cautioned not to place
undue reliance on the forward-looking statements, which speak only as of the date of this report or the date of the document
incorporated by reference in this report. We are not under any obligation, and we expressly disclaim any obligation, to update
or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
PART I
Item 1. Business.
Overview
References to “we,” “us,” “our,” “Green Plains,” or the “Company” in this report refer to Green Plains Renewable
Energy, Inc., an Iowa corporation founded in June 2004, and its subsidiaries.
We are a leading, vertically-integrated producer, marketer and distributer of ethanol. We focus on generating stable
operating margins through our diversified business segments and our risk management strategy. We believe that owning and
operating assets throughout the ethanol value chain enables us to mitigate the effects of changes in commodity prices on our
profitability and differentiates us from companies focused only on ethanol production. We have grown rapidly, primarily
through acquisitions. Today, we have operations throughout the ethanol value chain, beginning upstream with our agronomy
and grain handling operations, continuing through our approximately 740 million gallons per year, or mmgy, of ethanol
production capacity and our corn oil production, and ending downstream with our ethanol marketing, distribution and
blending facilities. Following is our visual presentation of the ethanol value chain: