Project Kernel---Board of Directors Meeting September 15, 2023 Board of Directors Meeting Project Kernel DRAFT CONFIDENTIAL Exhibit (c)(4)

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Analysis at Various Prices 1 Analysis at Various Prices ____________________ Source: Bloomberg, FactSet. Market data as of September 14, 2023. Note: Dollars in millions except per unit amounts. Implied exchange ratio based on 0.405 share of GPRE common stock and $2.00 of cash assuming GPRE closing price of $34.15 as of September 14, 2023. Implied offer value calculated by applying respective exchange ratio to GPRE share price as of September 14, 2023. Based on 23.265mm common units outstanding as of July 28, 2023. Based on net debt of $41.55mm, assuming $57.1mm debt and $15.5mm cash as of June 30, 2023 Based on 11.660mm public units outstanding as of June 30, 2023. (2) (1) 1 2 3 4 1 2 3 4 5

Exchange Ratio Update 2 Exchange Ratio Update ____________________ Source: Bloomberg, FactSet. Market data as of September 14, 2023.

Premiums Paid in Selected Precedent MLP Buy-ins – Transactions with Stock Consideration 3 Premiums Paid in Selected Precedent MLP Buy-ins – Transactions with Stock Consideration ____________________ Source: Company disclosures and FactSet. Note: Dollars in millions. Deal size calculated as equity purchase price of publicly held units. Dollars shown in millions. Premium / (Discount) calculated as total consideration paid per unit relative to the price or VWAP for the Target on the unaffected date. Unaffected date is the date of the last full trading period immediately prior to the public announcement of a definitive agreement for privately negotiated transactions and the full trading period immediately prior to the initial public offer for publicly negotiated transactions. Illustratively reflects potential agreement of 0.405 GPRE shares and $2.00 cash per GPP common unit as of September 14, 2023. Definitive agreement has not been reached.

Illustrative Calendar of Events 4 Illustrative Dates Expected Earnings Release NYSE Market Holiday Illustrative Calendar of Events