REX: NYSE www.rexamerican.com

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, ~669 million gallons of TTM annualized gallons shipped REX effective ownership interest of TTM annualized gallons shipped = ~256 million gallons Pre-tax ROI’s of 40% to 85% (trailing five years annualized for period ending 4/30/17) Revenues diversified across ethanol, distillers grains & corn oil ROE-focused asset allocation discipline Insider ownership approximately 12% Strong and liquid balance sheet (as of 4/30/ 17 based on 6.6M shares) Working Capital of $206M or ~$31.32 per share Shareholder Equity $345M or ~$52.33 per share 3

REX Management Stuart Rose - Founder, Executive Chairman of the Board Mr. Rose was elected Executive Chairman of the Board in 2015. Mr. Rose had served as Chairman of the Board and Chief Executive Officer since the Company’s incorporation in 1984 as a holding company. Prior to 1984, Mr. Rose was Chairman of the Board and Chief Executive Officer of Rex Radio and Television, Inc., which he founded in 1980 to acquire the stock of a corporation which operated four retail stores.   Zafar Rizvi - Chief Executive Officer Mr. Rizvi was elected Chief Executive Officer in 2015. Mr. Rizvi has been President and Chief Operating Officer since 2010, was Vice President from 2006 to 2010 and has been President of Farmers Energy Incorporated, our alternative energy investment subsidiary, since 2006. From 1991 to 2006, Mr. Rizvi was our Vice President Loss Prevention. Douglas Bruggeman - Chief Financial Officer Mr. Bruggeman has been Vice President Finance & Treasurer since 1989 and was elected Chief Financial Officer in 2003. From 1987 to 1989, Mr. Bruggeman was Manager of Corporate Accounting. Mr. Bruggeman was employed with the accounting firm of Ernst & Young prior to joining us in 1986. 4

REX Ethanol Strategy Disciplined investment criteria Invest only if project meets strategic and financial risk and return criteria Aligned 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 strategically located 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 Reinvest in plants to expand output capacity 5

REX Corn Belt Ethanol Portfolio South Dakota NUGEN ENERGY, LLC Marion, SD REX OWNERSHIP INTEREST 99.5% TTM GALLONS SHIPPED 131.0 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 130.3 MILLION REX AMERICAN RESOURCES TTM GALLONS SHIPPED BY PLANTS IN WHICH IT HAS INTERESTS 669.3 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 255.6 MILLION Iowa BIG RIVER UNITED ENERGY, LLC Dyersville, IA REX OWNERSHIP INTEREST 5.4% TTM GALLONS SHIPPED 128.6 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 6.9 MILLION Illinois ONE EARTH ENERGY, LLC Gibson City, IL REX OWNERSHIP INTEREST 75.0% TTM GALLONS SHIPPED 120.5 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 90.4 MILLION Iowa BIG RIVER RESOURCES WEST BURLINGTON, LLC West Burlington, IA REX OWNERSHIP INTEREST 9.7% TTM GALLONS SHIPPED 107.3 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 10.4 MILLION Wisconsin BIG RIVER RESOURCES BOYCEVILLE, LLC Boyceville, WI REX OWNERSHIP INTEREST 9.7% TTM GALLONS SHIPPED 57.9 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 5.6 MILLION Illinois BIG RIVER RESOURCES, GALVA, LLC Galva, IL REX OWNERSHIP INTEREST 9.7% TTM GALLONS SHIPPED 124.0 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 12.0 MILLION 6 Data as of 4/30/17

High Return Ethanol Investments Plant Investment Timeline REX Total Investment Cumulative Earnings (4/30/17) REX Trailing Five Year Annualized ROI (4/30/17)* One Earth Oct. ’07 Production July ’09 $51M $143M 40% NuGen June ‘10 ($12.3M) Nov. ’11 ($19.7M) $32M $156M 85% Big River Oct. ’06 ($5.0M) Jan. ‘07 ($5.0M) July ‘07 ($10.0M) Sept. ‘09 ($0.03M) $20M $60M Total $103M $359M Calculated based upon the weighted average capital invested and pre-tax returns generated over the time period. 7

Ethanol Industry Considerations The ethanol industry produced approximately 15.3 billion gallons of ethanol in 2016, thereby reducing U.S. reliance on foreign oil Helps U.S. balance of trade Helps U.S. move towards energy independence ~540 million barrels of imported oil displaced Approximately 1/3 of corn in ethanol production is returned to feed market in the form of distiller grains, corn gluten meal and corn oil* National benefits Ethanol production generates higher tax revenues Ethanol production added ~$42 billion to GDP* Ethanol production grew household income by ~$23 billion* ~$9 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 339,000 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 43.5 million metric tons, the equivalent of taking 9.3 million cars off the road* Sources: Renewable Fuels Associations 8 8

Expense / Demand / Pricing Drivers Corn: USDA crop production: 2013 (January 2014 report) 13.9 billion bushels (average acre yield of 158.8 bushels) 2014 (January 2015 report) 14.2 billion bushels (average acre yield of 171.0 bushels) 2015 (January 2016 report) 13.6 billion bushels (average acre yield of 168.4 bushels) (January 2017 report) 15.1 billion bushels (average acre yield of 174.6 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 15.00 billion gallons Exports: ~1.05B gallons exported to over 50 countries in 2016 (Renewable Fuels Association) Capacity: (Renewable Fuels Association) Year Nameplate 2016 16.0 BGY (15.6 in operation at January 2017) 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. 9

U.S. Corn Production 10 *Expected 2017 production In Billions of Bushels Sources: U.S. Department of Agriculture 10

U.S. Ethanol Exports In 2016, the U.S. Exported 1.05 Billion Gallons of Ethanol to Over 50 Countries 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 In Millions of Gallons of Ethanol 11 Sources: RFA – Renewable Fuels Association 11

Top Markets for U.S. Ethanol Exports in 2016 UAE 20.9 Singapore 10.5 Other 52.3 Mexico 31.4 % of Total U.S. Exports Canada 24% Brazil China 19% India 9% Philippines 5% Peru 4% Korea Mexico 3% UAE 2% Singapore 1% Other Korea 41.8 Canada 250.8 Peru 41.8 Philippines 52.3 India 94.1 Brazil 250.8 China 198.6 In Millions of Gallons of Ethanol 12 Sources: RFA – Renewable Fuels Association 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 per gallon x 2.8) – Corn price per bushel Crush spread excludes other production, transportation costs, etc. CBOT Crush Spread Trend (cents per gallon) 13

REX Sales Mix Revenue Mix TTM 4/30/17 Revenue Mix TTM 4/30/16 Corn Oil $19.3M 4.1% Corn Oil $15.4M 3.6% Other $0.1M 0.1% Distillers Grains $75.1M 16.1% Distillers Grains $83.5M 19.3% Ethanol $333.3M 77.0% Ethanol $372.2M 79.8% Total TTM 4/30/17 Revenue of $466.7M Total TTM 4/30/16 Revenue of $431.5M TTM Sales Mix TTM 4/30/17 TTM 4/30/16 Ethanol $372,190,961 79.8% $332,258,439 77.0% Distillers Grains 75,116,872 16.1% 83,466,627 19.3% Corn Oil 19,264,166 4.1% 15,397,537 3.6% Other 64,943 - 141,067 0.1% TOTAL $466,636,942 100% $431,263,670 14

Operating Results 2017 2016 Total net sales and revenue $113.1 $100.2 Three Months Ended April 30, Twelve Months Ended January 31, 2017 2016 Total net sales and revenue $113.1 $100.2 $453.8 $436.5 Gross profit $12.5 $8.4 $71.0 $50.8 Net income attributable to REX Common Shareholders* $4.5 $2.8 $32.3 $31.4 Diluted net income per share attributable to REX Common Shareholders* $0.69 $0.43 $4.91 $4.30 Weighted average diluted shares outstanding 6.6 7.3 Numbers in millions, except per share data 15

Strong Balance Sheet April 30, January 31, 2017 Cash and cash equivalents $ 191.5 $ 188.6 Total current assets 229.4 226.5 Property & equipment, net 184.7 182.8 Equity method investments 38.5 37.8 Total Assets $ 459.4 $ 454.0 Total current liabilities 22.9 22.5 Deferred taxes (long-term) 40.3 41.1 Total REX Equity (excludes non-controlling interests) $ 345.0 $ 340.4 $ in millions 16

Ten Year REX Share Performance 17

REX Summary Successful alternative energy investor since 1998 Interests in six ethanol production facilities with annualized sales of ~669 million gallons (TTM) REX effective ownership interest of annualized TTM gallons sold = ~256 million gallons Pre-tax ROI’s of 40% - 85% (trailing five years annualized for period ending 4/30/17) Industry leading ethanol production skill and plant efficiencies REX ethanol operations are among best performing plants Net income of $32.3M in twelve months ended 1/31/17 Net income of $4.5M in quarter ended 4/30/17 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 12% Strong asset base (as of 4/30/17): Shareholders’ equity $345.0M (~$52.33 per share) Consolidated cash $191.5M Return-focused capital allocation/return of capital policies Paid off ~$155 million of debt at consolidated plants between 2009 and 2014 Repurchased 4.1 million shares of common stock for $136 million since February 2010 Invested ~$30 million since 2015 – expand output capacity at consolidated plants by ~10% 18

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