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Report of Independent Registered Public Accounting Firm
The Board of Directors and Stockholders
Green Plains Renewable Energy, Inc.:
We have audited the accompanying consolidated balance sheets of Green Plains Renewable Energy, Inc. and subsidiaries (the
Company) as of December 31, 2011 and 2010, and the related consolidated statements of operations, stockholders’ equity
and comprehensive income (loss), and cash flows for each of the years in the three-year period ended December 31, 2011. In
connection with our audits of the consolidated financial statements, we also have audited the financial statement schedule
listed in the Index in Item 15. These consolidated financial statements are the responsibility of the Company’s management.
Our responsibility is to express an opinion on these consolidated financial statements and related financial statement schedule
based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial
position of the Company as of December 31, 2011 and 2010, and the results of its operations and its cash flows for each of
the years in the three year period ended December 31, 2011 in conformity with U.S. generally accepted accounting
principles. Also in our opinion, the related financial statement schedule, when considered in relation to the basic
consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States),
the Company’s internal control over financial reporting as of December 31, 2011, based on criteria established in
Internal
Control – Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO), and our report dated February 17, 2012, expressed an unqualified opinion on the effectiveness of the Company’s
internal control over financial reporting.
/s/ KPMG LLP
February 17, 2012