REX: NYSE Stuart Rose, CEO Doug Bruggeman, CFO November 2014

REX: NYSE www.rexamerican.com

Stuart Rose, CEODoug Bruggeman, CFO

November 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 88.2% of assets

Ownership in seven ethanol production facilities In aggregate, 752.2 million gallons of TTM annualized gallons shipped REX effective ownership interest of TTM annualized gallons shipped = 262.2 million gallons Pre-tax ROI’s of 25% - 52% (trailing four fiscal years annualized) Revenues diversified across ethanol, distillers grains & corn oil

Strong, liquid balance sheet (as of 7/31/14) (based on 8.2M diluted shares) Unrestricted cash $50.4M ~ $ 6.16 / share Net book value of retail real estate $4.1M ~ $ 0.50 / share Carrying value of ownership in seven plants $301.6M ~ $36.86 / share REX shareholders’ book value $324.4M ~ $39.56 / share

ROE-focused asset allocation discipline Insider ownership approximately 16%

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 SHIPPED110.1 MILLION

REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED

81.5 MILLION

IllinoisPATRIOT HOLDINGS, LLC

Annawan, IL




32.3 MILLION

Illinois

BIG RIVER RESOURCES, GALVA, LLCGalva, IL




12.0 MILLION

South Dakota

NUGEN ENERGY, LLCMarion, SD




113.8 MILLION

Iowa

BIG RIVER RESOURCES WEST BURLINGTON, LLCWest Burlington, IA




10.8 MILLION

Iowa

BIG RIVER UNITED ENERGY, LLCDyersville, IA




6.2 MILLION

Wisconsin

BIG RIVER RESOURCES BOYCEVILLE, LLCBoyceville, WI



REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED5.6 MILLION

REX AMERICAN RESOURCESTTM GALLONS SHIPPED BY PLANTS IN WHICH IT HAS INTERESTS

752.2 MILLION

REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED262.2 MILLION

Figures as of 7/31/14

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Plant Investment Timeline

REX Total Investment

Cumulative Earnings (7/31/14)

REX TrailingFour Year Annualized

ROI (1/31/14)*

One Earth (1) Oct. ’07 $51M $76M 25%

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

$32M $85M 52%

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

$18M $26M 28%

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

July ‘07 ($10.0M)Sept. ‘09 ($0.03M)

$20M $39M 27%

Total $121M $226M

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

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 462 million 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 $44 billion to GDP* Ethanol production increased household income by ~$31 billion*

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*

$8.3 billion paid in federal, state and local taxes*

Sources: Renewable Fuels Associations

Corn USDA Crop Production Forecast:

2014 (September 2014 report) 14.4 billion bushels(average acre yield of 171.7 bushels)

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.

Ethanol Demand Forecast

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Global Ethanol Demand Forecasted to Increase to 35 Billion Gallons by 2022

Sources: Credit Suisse

REX TTM Sales Mix

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Revenue Mix TTM 7/31/14 Revenue Mix TTM 7/31/13

Ethanol$526.2M

74.5%

Ethanol$473.2M

76.6%

Syrup$0.2M0.1%

Corn Oil$18.0M

2.5%

Corn Oil$18.3M

3.0%

Total TTM 7/31/14 Revenue of $618.0M Total TTM 7/31/13 Revenue of $706.3M

TTM 7/31/14 TTM 7/31/13Ethanol $473,192,584 76.6% $526,187,131 74.5%Distillers Grains 126,245,850 20.3% 160,279,650 22.7%Corn Oil 18,299,786 3.0% 17,961,163 2.5%Syrup 232,587 0.1% 1,910,333 0.3%

TOTAL $617,970,807 100.0% $706,338,277 100.0%

TTM Sales Mix

Distillers Grains

$126.2M20.4%

Distillers Grains

$160.3M22.7%

Syrup$1.9M0.3%

$ in millions, except per share dataThree MonthsEnded July 31,

Six MonthsEnded July 31,

Twelve MonthsEnded January 31,

2014 2013 2014 2013 2014 2013

Alternative Energy $150.1 $175.3 $306.0 $353.6 $665.6 $656.1Real Estate 0.1 0.1 0.2 0.2 0.5 0.5Total net sales and revenue $150.2 $175.4 $306.2 $353.8 $666.1 $656.6

Gross profit $38.8 $10.9 $75.4 $20.0 $64.2 $13.6

Segment profit (loss)Alternative energy $41.5 $11.1 $80.4 $17.7 $63.2 $(1.0)Real estate 0.0 (0.1) 0.0 (0.2) (0.4) (0.5)Corporate expense, net (0.8) (0.7) (1.5) (1.4) (3.1) (2.3)

Amounts Attributable to REX Common Shareholders

Net income (loss) from continuing operations $21.9 $5.7 $43.6 $8.9 $33.9 $(2.9)

Diluted net income (loss) from continuing operations per share $2.68 $0.70 $5.35 $1.09 $4.15 $(0.35)

Net income (loss) $21.9 $5.8 $43.6 $9.3 $35.1 $(2.3)

Diluted net income (loss) per share $2.68 $0.71 $5.35 $1.14 $4.29 $(0.28)

Weighted average diluted shares outstanding 8.2 8.2 8.2 8.2 8.2 8.3

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Operating Results

$ in millions July 31, January 31,2014 2014

Cash and cash equivalents $ 152.2 $ 105.1Total current assets 188.9 148.8Property & equipment, net 197.2 202.3Equity method investments 78.1 71.2Total Assets $ 469.5 $ 427.9

Current portion of long-term debt $ 24.0 $ 12.2Total current liabilities 46.9 32.1Long term debt 38.0 63.5Total REX Equity (excludes non-controlling interests) $ 324.4 $ 279.3

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Strong Balance Sheet

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 ~$1.3M (through 7/31/14) 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 = ~262 million gallons Pre-tax ROI’s of 25% - 52% (trailing four fiscal years 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 $75.4M in 1H’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 Insider ownership of approximately 16%

Strong asset base (at 7/31/14): Shareholders’ equity $324.4M (~$39.65 per share) Consolidated cash $152.2M

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]

Documents

REX: NYSE Stuart Rose, CEO Doug Bruggeman, CFO November 2014