Doug Bruggeman – Chief Financial Officer REX: NYSE www.rexamerican.com Doug Bruggeman – Chief Financial Officer June 2016

Safe Harbor 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.

REX Overview 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 Ownership in six ethanol production facilities In aggregate, 649 million gallons of TTM annualized gallons shipped REX effective ownership interest of TTM annualized gallons shipped = 240 million gallons Pre-tax ROI’s of 40% to 83% (trailing four years annualized for period ending 4/30/16) Revenues diversified across ethanol, distillers grains & corn oil ROE-focused asset allocation discipline Insider ownership approximately 15% Strong and liquid balance sheet (as of 4/30/ 16 based on 6.6M shares) Working Capital of $159.1M or ~$24 per share Shareholder Equity $309.8M or ~$47 per share 3

REX Ethanol Strategy 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 the largest, most respected green energy design-builder in the U.S. Seek to match grain prices with ethanol and distiller grain sales at consolidated plants Maximize ethanol plant returns Run plants efficiently, often producing above nameplate capacity Sell distillers grains as animal feed Produce and sell corn oil Paid off all consolidated plant level debt 4

REX Corn Belt Ethanol Portfolio South Dakota NUGEN ENERGY, LLC Marion, SD REX OWNERSHIP INTEREST 99.5% TTM GALLONS SHIPPED 119.6 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 119.0 MILLION REX AMERICAN RESOURCES TTM GALLONS SHIPPED BY PLANTS IN WHICH IT HAS INTERESTS 649.4 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 240.2 MILLION Wisconsin BIG RIVER RESOURCES BOYCEVILLE, LLC Boyceville, WI REX OWNERSHIP INTEREST 9.7% TTM GALLONS SHIPPED 57.7 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 5.6 MILLION Illinois ONE EARTH ENERGY, LLC Gibson City, IL REX OWNERSHIP INTEREST 74.9% TTM GALLONS SHIPPED 115.5 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 86.5 MILLION Iowa BIG RIVER RESOURCES WEST BURLINGTON, LLC West Burlington, IA REX OWNERSHIP INTEREST 9.7% TTM GALLONS SHIPPED 106.5 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 10.3 MILLION Iowa BIG RIVER UNITED ENERGY, LLC Dyersville, IA REX OWNERSHIP INTEREST 5.4% TTM GALLONS SHIPPED 127.2 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 6.9 MILLION Illinois BIG RIVER RESOURCES, GALVA, LLC Galva, IL REX OWNERSHIP INTEREST 9.7% TTM GALLONS SHIPPED 122.9 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 11.9 MILLION Data as of 4/30/16 5

High Return Ethanol Investments Plant Investment Timeline REX Total Investment Cumulative Earnings (4/30/16) REX Trailing Four Year Annualized ROI (4/30/16)* One Earth Oct. ’07 Production July ’09 $51M $121M 40% NuGen June ‘10 ($12.3M) Nov. ’11 ($19.7M) $32M $126M 83% Big River Oct. ’06 ($5.0M) Jan. ‘07 ($5.0M) July ‘07 ($10.0M) Sept. ‘09 ($0.03M) $20M $54M 41% Total $103M $301M 6 * Calculated based upon the weighted average capital invested and pre-tax returns generated over the time period.

Ethanol Industry Considerations The ethanol industry produced approximately 14.8 billion gallons of ethanol in 2015, thereby reducing U.S. reliance on foreign oil Helps U.S. balance of trade Helps U.S. move towards energy independence Over 527 million barrels of imported oil displaced (valued at ~$26 billion 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* Ethanol production generates higher tax revenues Ethanol production added ~$43.9 billion to GDP* Ethanol production increased household income by ~$23.5 billion* $8.7 billion paid in federal, state and local taxes* Industry receives no tax subsidies Farm states are less impacted by challenged economic environment Ethanol estimated to have supported over 357,000 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 – 14.3 billion gallons of ethanol reduced GHG emissions by 39.6 million metric tons, the equivalent of taking 8.4 million cars off the road* Sources: Renewable Fuels Associations 7 7

Expense / Demand / Pricing Drivers Corn: USDA crop production: 2015 (January 2016 report) 13.6 billion bushels (average acre yield of 168.4 bushels) 2014 (January 2015 report) 14.2 billion bushels (average acre yield of 171.0 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 Standards 2014 13.61 billion gallons (2) 2015 14.05 billion gallons (2) 2016 14.50 billion gallons (2) 2017 14.80 billion gallons (3) Exports: ~ 836M gallons exported to 76 countries in 2015 (Renewable Fuels Association) Capacity (Per Renewable Fuels Association): Year Nameplate 2015 15.6 BGY (15.1 in operation at Jan. 2016) 1 Mandates can be partially met via RINS from prior years toward the current year requirements and/or to carry forward a deficit into the next compliance year. 2 Finalized November 30, 2015. 3. Proposed. 8

U.S. Ethanol Exports In 2015, the U.S. Exported 836 Million Gallons of Ethanol to 76 Countries In Millions of Gallons of Ethanol 9 Sources: U.S. Census Bureau, Department of Commerce, and Department of Agriculture 9

Top Markets for U.S. Ethanol Exports in 2015 % of Total U.S. Exports Canada 30% Brazil 14% Philippines 9% China 8% South Korea 7% India 6% Netherlands 4% Mexico Oman Tunisia 3% Other 11% In Millions of Gallons of Ethanol 10 Sources: U.S. Census Bureau, Department of Commerce, and Department of Agriculture 10

Monthly U.S. Ethanol Exports & Imports In Millions of Gallons of Ethanol 11 Sources: U.S. Department of Commerce, U.S. Census Bureau and Foreign Trade Statistics 11

REX Sales Mix Revenue Mix TTM 4/30/16 Revenue Mix TTM 4/30/15 Corn Oil $15.4M 3.6% Corn Oil $17.0M 3.3% Distillers Grains $83.5M 19.3% Distillers Grains $91.5M 17.5% Ethanol $332.3M 77.0% Ethanol $412.3M 79.1% Syrup $0.2M 0.1% Syrup $0.4M 0.1% Total TTM 4/30/16 Revenue of $431.3M Total TTM 4/30/15 Revenue of $521.2M TTM Sales Mix TTM 4/30/16 TTM 4/30/15 Ethanol $332,258,439 77.0% $412,297,732 79.1% Distillers Grains 83,466,627 19.3% 91,519,172 17.5% Corn Oil 15,397,537 3.6% 17,014,050 3.3% Syrup 141,067 0.1% 381,575 TOTAL $431,263,670 100% $521,212,529 12

CBOT Crush Spread Trend (cents per gallon) Crush Spread = price of 1 gallon of ethanol - cost of corn to produce it One bushel of corn makes ~2.8 gallons of ethanol Crush spread = Ethanol price – (Corn bushel price / 2.8) Crush spread excludes other production, transportation costs, etc. CBOT Crush Spread Trend (cents per gallon) 13

Operating Results 2016 2015 Total net sales and revenue $100.2 $105.2 Three Months Ended April 30, Twelve Months Ended January 31, 2016 2015 Total net sales and revenue $100.2 $105.2 $436.5 $572.2 Gross profit $8.4 $9.1 $50.8 $141.9 Net income attributable to REX Common Shareholders $2.8 $3.9 $31.4 $87.3 Diluted net income per share attributable to REX Common Shareholders $0.43 $0.50 $4.30 $10.76 Weighted average diluted shares outstanding 6.6 7.9 7.3 8.1 $ in millions, except per share data 14

Strong Balance Sheet April 30, January 31, 2016 Cash and cash equivalents $ 122.5 $ 135.8 Total current assets 173.2 179.4 Property & equipment, net 189.2 190.0 Equity method investments 38.9 38.7 Total Assets $ 408.0 $ 414.7 Total current liabilities 14.1 19.6 Deferred taxes (long-term) 38.3 Total REX Equity (excludes non-controlling interests) $ 309.8 $ 311.3 $ in millions 15

Deep Heavy Oil Technology Investment 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 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 ~$1.7M (through 4/30/16) 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 16

REX Summary Successful alternative energy investor since 1998 Interests in six ethanol production facilities with annualized sales of ~649 million gallons (TTM) REX effective ownership interest of annualized TTM gallons sold = ~240 million gallons Pre-tax ROI’s of 40% - 83% (trailing four years annualized for period ending 4/30/16) Industry leading ethanol production skill and plant efficiencies REX ethanol operations are among best performing plants Net income of $31.4M in twelve months ended 1/31/16 Growth opportunities in ethanol and other industrial sectors Invest in ethanol plants or industrial projects requiring similar skill sets Proven management team with asset allocation discipline Insider ownership of approximately 15% Strong asset base (at 4/30/16): Shareholders’ equity $309.8M (~$47 per share) Consolidated cash $122.5M Active, long-term share repurchase program Full Year Fiscal 2015: Repurchased 1,254,344 shares of common stock 6.6 million shares outstanding as of 4/30/16 Authorized to purchase 155,334 shares of common stock as of 4/30/16 17

Doug Bruggeman Joseph Jaffoni, Norberto Aja REX JCIR Chief Financial Officer 212/835-8500 937/276‑3931 rex@jcir.com One Earth Energy, LLC Gibson City, IL