Dutton Associates Announces Investment Opinion: Green Plains Renewable Energy Rated Strong Speculative Buy In Initiating Coverage By Dutton Associates.

EL DORADO HILLS, Calif. -- Dutton Associates initiates coverage of Green Plains Renewable Energy (Nasdaq:GPRE)(AMEX:GPRE) with a rating of Strong Speculative Buy and a $65.00 price target. The 15-page report by Dutton senior analyst Paul J. Resnik, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals.

Green Plains Renewable Energy is currently building a 50-million-gallon dry mill ethanol plant in Shenandoah, Iowa, and has recently raised the needed equity to build its second plant in Superior, Iowa. In addition, the Company has acquired options to purchase land at three other locations, two in Iowa and one in Minnesota. The projected annual production capacity of the Shenandoah plant is approximately 55 million gallons of ethanol and 176,000 tons of animal feed (we assume the plant will run at about 10% above the nameplate level). The plant is scheduled to be completed by mid-2007. Recognizing the risks involved in making projections based on production facilities not yet built, we nonetheless believe there is a basis for at least tentative estimates and, based on these estimates, a constructive investment opinion. We believe that, with operations beginning in Shenandoah, Green Plains will be profitable in the fourth quarter of 2007. Based on our expectation of the start-up of a second plant, we estimate earnings per share of $6.80 for 2008. Using a price/earnings multiple of 15 for those earnings and an annual discount rate of 20%, we generate a 12-month price target of $65. We are initiating our coverage of the stock with a rating of Strong Speculative Buy.

About Dutton Associates

Dutton Associates is one of the largest independent investment research firms in the U.S. Its 31 senior analysts are primarily CFAs and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors.

The cost of enrollment in our one-year continuing research program is US $39,500 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $35,000 from the Company for 4 Research Reports with coverage commencing on 8/15/2006. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.