REX : NYSE rexamerican

REX: NYSE www.rexamerican.com

Stuart Rose, CEODoug Bruggeman, CFO

June 2014

This presentation contains forward-looking statements within the

meaning of Section 27A of the Securities Act of 1933 and Section

21E of the Securities Exchange Act of 1934. Such statements can

be identified by use of forward-looking terminology such as

“project,” “may,” “expect,” “estimate,” “anticipate,” or “continue”

or the negative thereof or other variations thereon or comparable

terminology. You are cautioned that there are certain risks and

uncertainties that could cause actual events or results to differ

materially from those referred to in such forward-looking

statements. These risks and uncertainties are described in our

filings with the Securities and Exchange Commission.

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Safe Harbor

Successful alternative energy investor since 1998 Synfuel investments of $6M yielded ~$178M return over 10 years (~40% CAGR) Discontinued legacy retail operations in FY’09 to focus on alternative energy

Ethanol investments initiated in 2006 $24M profit in FY’07 on $14M early ethanol investment Alternative energy represented 99.9% of revenue and 85.9% of assets

Ownership in seven ethanol production facilities In aggregate, 750.2 million gallons of TTM annualized gallons shipped by seven plants REX effective ownership interest of TTM annualized gallons shipped = 262.8 million gallons Pre-tax ROI’s of 25% - 52% (trailing four fiscal years annualized) Revenues from ethanol, distillers grains & corn oil

Strong, liquid balance sheet (as of 4/30/14) (based on 8.2M diluted shares) Unrestricted cash $55.5M ~ $ 6.76 / share Net book value of retail real estate $4.6M ~ $ 0.56 / share Carrying value of ownership in seven plants $267.8M ~ $32.65 / share REX shareholders’ book value $302.4M ~ $36.87 / share

ROE-focused asset allocation discipline 10.7% average ROE since 1993 (despite low returns on high cash balances) Long-term/active share repurchase program Insider ownership approximately 21%

REX Overview

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Disciplined investment criteria Invest only if project meets strategic and financial risk and return criteria

Align with farmers, farm cooperatives and farming communities as co-investors and owners of ethanol production facilities Facilitates access to grain supply, local community support

Locate plants close to rail access and feedstocks

Utilize state-of-the-art ethanol production technology Dry mill corn-processing All plants are highly efficient Fagen, Inc. constructed utilizing ICM, Inc. technology

Fagen is large, respected U.S. green energy design-builder

Seek to match grain prices with ethanol and distiller grain sales at consolidated plants Derivative contracts are generally not employed to hedge commodity price risks

Maximize ethanol plant returns via: Running plants efficiently, often above nameplate capacity Sell distillers grains as animal feed Production of corn oil Ongoing reduction of plant level debt

REX Ethanol Strategy

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REX Corn Belt Ethanol Portfolio

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Illinois

ONE EARTH ENERGY, LLCGibson City, IL

REX OWNERSHIP INTEREST74%

TTM GALLONS SHIPPED112.0 MILLION

REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED

82.9 MILLION

Illinois

PATRIOT HOLDINGS, LLCAnnawan, IL




32.6 MILLION

Illinois

BIG RIVER RESOURCES, GALVA, LLC

Galva, IL




11.8 MILLION

South Dakota

NUGEN ENERGY, LLCMarion, SD



REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED113.1 MILLION

Iowa

BIG RIVER RESOURCES WEST BURLINGTON, LLCWest Burlington, IA




10.7 MILLION

Iowa

BIG RIVER UNITED ENERGY, LLCDyersville, IA




6.1 MILLION

Wisconsin

BIG RIVER RESOURCES BOYCEVILLE, LLCBoyceville, WI




5.6 MILLION

REX AMERICAN RESOURCES

TTM GALLONS SHIPPED BY PLANTS IN WHICH IT HAS INTERESTS750.2 MILLION

REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED262.8 MILLION

Figures as of 4/30/14

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Plant Investment Timeline

REX Total Investment

Cumulative Earnings (4/30/14)

REX TrailingFour Year Annualized

ROI (1/31/14)*

One Earth (1) Oct. ’07 $51M $62M 25%

NuGen June ‘10 ($12.3M)Nov. ’11 ($19.7M)

$32M $68M 52%

Patriot (2) Dec. ’06 ($16.0M)Jan. ‘12 ($1.9M)

$18M $24M 28%

Big River Oct. ’06 ($5.0M)Jan. ‘07 ($5.0M)

July ‘07 ($10.0M)Sept. ‘09 ($0.03M)

$20M $34M 27%

Total $121M $188M

High Return Ethanol Investments

* Calculated based upon the weighted average capital invested and pre-tax returns generated over the time period1 Production commenced in July ’092 Production commenced in Sept. ‘08

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Favorable Quarterly Comps

First Quarter 2014 REX GPRE (3) PEIX (3)

Sales $155,936 $733,889 $254,543 Gross Profit 36,550 100,749 38,545 Operating Income 38,676 78,343 34,875 Pre Tax Income (Loss) from Continuing Operation 35,574 69,728 (7,556)

Net Income 21,742 43,203 (10,826) EPS $2.67 $1.04 ($0.69) Ethanol gallons production sold (millions) 64.4 (1) 230.8 (2) 39.8 (2)

Pre Tax Income (Loss)/Gallon $0.55 $0.30 ($0.19)

(1) Rex gallons are ownership adjusted. (2) Based upon gallons produced and sold . (3) Publicly sourced data.

$ in thousands, except per share / per gallon data

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Favorable Annual Comps

Annual 2013 REX GPRE (3) PEIX (3)

Sales $666,091 $3,041,011 $908,437 Gross Profit 64,151 173,020 32,930 Operating Income 63,480 107,851 18,909 Pre Tax Income (Loss) from Continuing Operation 54,614 72,281 (781)

Net Income 35,073 43,391 (781) EPS $4.29 $1.26 ($0.17) Ethanol gallons production sold (millions) 262.4 (1) 734.5 (2) 149.7(2)

Pre Tax Income (Loss)/Gallon $0.21 $0.10 ($0.01)

$ in thousands, except per share / per gallon data

(1) Rex gallons are ownership adjusted. (2) Based upon gallons produced and sold . (3) Publicly sourced data.

Ethanol Industry Considerations

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The ethanol industry produced approximately 13.3 billion gallons of ethanol in 2013, thereby reducing U.S. reliance on foreign oil

Helps U.S. balance of trade Helps U.S. move towards energy independence Over 462M barrels of imported oil displaced

Approximately 1/3 of corn used in ethanol production is returned to feed market in the form of distiller grains, corn gluten meal and corn oil*

National benefits Government payments to corn growers have fallen from nearly $9

billion in 2006 to less than $2 billion in 2013* Land transitioned away from “land bank” Ethanol production generates higher tax revenues

Ethanol production added over $44B to GDP* Ethanol production increased household income by ~$31B*

Industry receives no tax subsidies Farm states are less impacted by challenged economic environment

Ethanol estimated to have supported over 387,000 jobs, including across ancillary industries, from agriculture to manufacturing to the service sector*

On a life cycle basis, corn-based ethanol reduces greenhouse gas emissions (GHGs) by ~34% compared to gasoline – 13.3 billion gallons of ethanol reduced GHG emissions by 38 million metric tons, the equivalent of taking 8 million cars off the road*

$8.3B paid in federal, state and local taxes*Sources:* Renewable Fuels Associations

Corn USDA Crop Production Forecast:

2013 (January 2014 report) 13.9 billion bushels(average acre yield of 158.8 bushels)

2012 (November 2012 report) 10.7 billion bushels(average acre yield of 122.3 bushels)

Ethanol Federal EPA ethanol purchasing mandates(1) :

Year Target 2013 13.8 BGY2014 13.0 BGY(2)

Efficient plants expected to operate near capacity levelsYear Capacity

2013 14.8 BGY (14.0 in operation at Jan. 2014)

Distillers Grains / Corn Oil Allows for the recovery of approximately 1/3 of the cost of corn

Expense/Demand/Pricing Drivers

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1 Mandates can be partially met by use of available RINS from the prior years toward the current year requirements and/or to carry forward a deficit into the next compliance year.

2 Proposed – not final EPA number.

REX TTM Sales Mix

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Revenue Mix TTM 4/30/14 Revenue Mix TTM 4/30/13

Ethanol$510.0M

74.6%

Ethanol$474.4M

76.4%

Syrup$0.2M0.1%

Corn Oil$17.7M

2.6%

Corn Oil$17.6M

2.8%

Total TTM 4/30/14 Revenue of $620.6M Total TTM 4/30/13 Revenue of $683.8M

TTM 4/30/14 TTM 4/30/13Ethanol $474,356,813 76.4% $509,962,933 74.6%Distiller Grains 128,553,994 20.7% 154,159,507 22.5%Corn Oil 17,557,790 2.8% 17,716,241 2.6%Syrup 161,771 0.1% 1,987,450 0.3%

TOTAL $620,630,368 100.0% $683,826,131 100.0%

TTM Sales Mix

Distiller Grains$128.6M

20.7%

Distiller Grains

$154.2M22.5%

Syrup$2.0M0.3%

$ in millions, except per share dataThree Months

Ended April 30,Twleve Months

Ended January 31,2014 2013 2014 2013

Alternative Energy $155.8 $178.3 $665.6 $656.1Real Estate 0.1 0.1 0.5 0.5Total net sales and revenue $155.9 $178.4 $666.1 $656.6

Gross profit $36.6 $9.0 $64.2 $13.6

Segment profit (loss)Alternative energy $38.9 $6.6 $63.2 $(1.0)Real estate (0.1) (0.1) (0.4) (0.5)Corporate expense, net (0.8) (0.7) (3.1) (2.3)

Amounts Attributable to REX Common ShareholdersNet income (loss) from continuing operations $21.7 $3.2 $33.9 $(2.9)

Diluted net income (loss) from continuing operations per share $2.66 $0.39 $4.15 $(0.35)

Net income (loss) $21.7 $3.5 $35.1 $(2.3)

Diluted net income (loss) per share $2.67 $0.43 $4.29 $(0.28)

Weighted average diluted shares outstanding 8.1 8.2 8.2 8.3

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Operating Results

$ in millions April 30, January 31,2014 2014

Cash and cash equivalents $ 125.6 $ 105.1Total current assets 168.5 148.8Property & equipment, net 198.4 202.3Equity method investments 74.4 71.2Total Assets $ 446.9 $ 427.9

Current portion of long-term debt $ 10.1 $ 12.2Total current liabilities 31.0 32.1Long term debt 58.1 63.5Total REX Equity (excludes non-controlling interests) $ 302.4 $ 279.3

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Strong Balance Sheet

Ethanol plants and other industrial investments Repay debt at existing facilities Energy projects using our commodity experience and state-of-the-art technology focus

Share repurchases below book value ~1.7M shares repurchased over the last three fiscal years at average price of $17.82 ~2.8M shares repurchased over the last five fiscal years at average price of $16.00

Repurchased 137,015 shares in FY’13 at average price of $25.44 280,006 shares remaining under current repurchase authorization

8.2 million common shares outstanding

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Capital Allocation Priorities

FY08 FY09 FY10 FY11 FY12 FY13 $-

$5

$10

$15

$20

$25

$30

$35

$40

$23.51 $25.82

$24.93

$30.06

$34.06

$10.82 $10.82

$15.99 $17.02 $17.82

$25.44

Growth in Book Value Per Share vs.Annual Average Price of Shares Repurchase

$30.04

Much of the world’s oil reserves are in the form of heavy oil in deposits at depths below 2,000 feet

Heavy oil is too viscous to flow to the well at a reasonable rate under ordinary conditions, so technology is needed to help extract it

The most practical method developed so far is to inject steam into the reservoir, to raise the temperature thereby reducing the oil's viscosity

Current methods are limited by the heat losses on the surface and in the well bore as the steam is sent down the injection well. For any particular heavy oil reservoir and price of oil, there is a maximum depth of the reservoir that can be economically exploited

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Deep Heavy Oil Technology Investment

REX invested in patented technology with potential to steam oil at depths currently unattainable

Current technology allows for injecting steam below grade to ~2,000 feet to extract heavy oil

New downhole steam generator technology seeks to create steam at depths below 2,000 feet to produce deep heavy oil

Modest investment / high potential returns REX has invested ~$1.2M (through 4/30/14) for 60% equity

stake in technology developer, to secure patents, and to pursue commercialization of the downhole steam generation technology

Presently seeking sites/opportunities to test and prove technology

Successful alternative energy investor since 1998 Interests in seven ethanol production facilities with annualized sales of ~750 million gallons (TTM)

REX effective ownership interest of annualized TTM gallons sold = ~263 million gallons Pre-tax ROI’s of 25% - 52% (trailing four year annualized)

Industry leading ethanol production skill and plant efficiencies REX ethanol operations are among best performing plants Alternative energy segment profit of $63.2M in in FY’13 and $38.9M in Q1’14

Growth opportunities in ethanol and other industrial sectors Repay debt at existing facilities and expand ownership of existing facilities Invest in new ethanol plants or industrial projects requiring similar skill sets

Proven management team with asset allocation discipline 10.7% average ROE since 1993, despite low returns on high cash balances Long-term program of share repurchases below book value Insider ownership of approximately 21%

Strong asset base (at 4/30/14): Shareholders’ equity $302.4M (~$36.87 per share) Consolidated cash $125.6M

8.2M shares outstanding

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REX Summary

One Earth Energy, LLCGibson City, IL

Doug Bruggeman Joseph Jaffoni, Norberto AjaREX JCIRChief Financial Officer (212) 835-8500(937) 276 3931‑ [email protected]

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