Zafar Rizvi – Chief Executive Officer REX: NYSE ww.rexamerican.com Zafar Rizvi – Chief Executive Officer Doug Bruggeman – Chief Financial Officer September 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, 655 million gallons of TTM annualized gallons shipped REX effective ownership interest of TTM annualized gallons shipped = 243 million gallons Pre-tax ROI’s of 41% to 88% (trailing four years annualized for period ending 7/31/16) Revenues diversified across ethanol, distillers grains & corn oil ROE-focused asset allocation discipline Insider ownership approximately 14% Strong and liquid balance sheet (as of 7/31/ 16 based on 6.6M shares) Working Capital of $168.4M or ~$25.57 per share Shareholder Equity $319.1M or ~$48.45 per share 3

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 4

REX Corn Belt Ethanol Portfolio South Dakota NUGEN ENERGY, LLC Marion, SD REX OWNERSHIP INTEREST 99.5% TTM GALLONS SHIPPED 121.1 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 120.5 MILLION REX AMERICAN RESOURCES TTM GALLONS SHIPPED BY PLANTS IN WHICH IT HAS INTERESTS 654.8 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 243.2 MILLION Iowa BIG RIVER UNITED ENERGY, LLC Dyersville, IA REX OWNERSHIP INTEREST 5.4% TTM GALLONS SHIPPED 126.1 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 6.8 MILLION Illinois ONE EARTH ENERGY, LLC Gibson City, IL REX OWNERSHIP INTEREST 75.0% TTM GALLONS SHIPPED 117.0 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 87.8 MILLION Iowa BIG RIVER RESOURCES WEST BURLINGTON, LLC West Burlington, IA REX OWNERSHIP INTEREST 9.7% TTM GALLONS SHIPPED 107.7 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 10.4 MILLION Illinois BIG RIVER RESOURCES, GALVA, LLC Galva, IL REX OWNERSHIP INTEREST 9.7% TTM GALLONS SHIPPED 125.0 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 12.1 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 Data as of 7/31/16 5

High Return Ethanol Investments Plant Investment Timeline REX Total Investment Cumulative Earnings (7/31/16) REX Trailing Four Year Annualized ROI (7/31/16)* One Earth Oct. ’07 Production July ’09 $51M $123M 41% NuGen June ‘10 ($12.3M) Nov. ’11 ($19.7M) $32M $137M 88% Big River Oct. ’06 ($5.0M) Jan. ‘07 ($5.0M) July ‘07 ($10.0M) Sept. ‘09 ($0.03M) $20M $55M 43% Total $103M $315M 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 (value ~$26 billion) 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 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: (September 2016 est. report) 15.1 billion bushels (average acre yield of 174.4 bushels) 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) 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. Corn Condition Percent Rated Good to Excellent % % % % % % % 9 Sources: U.S. Department of Agriculture

U.S. Corn Production 10 In Billions of Bushels Sources: U.S. Department of Agriculture

U.S. Ethanol Exports In 2015, the U.S. Exported 836 Million Gallons of Ethanol to 76 Countries In Millions of Gallons of Ethanol 11 Sources: U.S. Census Bureau, Department of Commerce, and Department of Agriculture 11

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 12 Sources: U.S. Census Bureau, Department of Commerce, and Department of Agriculture 12

Monthly U.S. Ethanol Exports & Imports Net Exports 95 96 87 83 84 83 84 81 75 77 69 72 67 64 65 67 59 61 63 59 59 54 56 54 50 54 38 35 36 34 24 Jan-14 Mar-14 Jul-14 May-14 Sep-14 Nov-14 Jan-15 Mar-15 Jul-15 Jan-16 Jul-16 May-15 Sep-15 Nov-15 Mar-16 In Millions of Gallons of Ethanol 13 Sources: U.S. Department of Commerce, U.S. Census Bureau and Foreign Trade Statistics 13

REX Sales Mix Revenue Mix TTM 7/31/16 Revenue Mix TTM 7/31/15 Corn Oil $16.1M 3.7% Corn Oil $16.3M 3.4% Distillers Grains $81.1M 18.7% Distillers Grains $87.1M 18.0% Ethanol $336.2M 77.6% Ethanol $380.7M 78.6% Syrup $0.1M 0.1% Syrup $0.4M 0.1% Total TTM 7/31/16 Revenue of $431.3M Total TTM 7/31/15 Revenue of $521.2M TTM Sales Mix TTM 7/31/16 TTM 7/31/15 Ethanol $336,201,756 77.6% $380,675,011 78.6% Distillers Grains 81,090,096 18.7% 87,130,625 18.0% Corn Oil 16,085,999 3.7% 16,334,109 3.4% Syrup 112,617 0.1% 357,235 TOTAL $433,490,468 100% $484,496,980 14

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) 15

Operating Results 2016 2015 Total net sales and revenue $115.7 $113.5 Three Months Ended July 31, Twelve Months Ended January 31, 2016 2015 Total net sales and revenue $115.7 $113.5 $436.5 $572.2 Gross profit $17.3 $18.3 $50.8 $141.9 Net income attributable to REX Common Shareholders* $8.2 $16.4 $31.4 $87.3 Diluted net income per share attributable to REX Common Shareholders* $1.24 $2.16 $4.30 $10.76 Weighted average diluted shares outstanding 6.6 7.6 7.3 8.1 Numbers in millions, except per share data In the three months ended 7/31/15 REX recorded a $2.5 million pre-tax contribution from the Company’s interest in Patriot Holdings, LLC that did not recur in the quarter ended 7/31/16 as the Company’s interest was sold during the fiscal 2015 second quarter. In addition, during the three months ended 7/31/15 the Company recorded a $10.4 million pre-tax gain related to the June 2015 sale of its 26.6% interest in Patriot. Excluding Patriot’s contribution to income of unconsolidated ethanol affiliates, REX’s gain on the sale of its interest in Patriot and related items, in the three months ended 7/31/15, net income attributable to REX Common shareholders was approximately $8.5 million while diluted net income per share attributable to REX Common Shareholders in the three months ended 7/31/15 was approximately $1.13. 16

Strong Balance Sheet July 31, January 31, 2016 Cash and cash equivalents $ 134.7 $ 135.8 Total current assets 183.8 179.4 Property & equipment, net 189.0 190.0 Equity method investments 38.6 38.7 Total Assets $ 417.8 $ 414.7 Total current liabilities 15.4 19.6 Deferred taxes (long-term) 38.3 Total REX Equity (excludes non-controlling interests) $ 319.1 $ 311.3 17 $ in millions

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 7/31/16) 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 18

REX Summary Successful alternative energy investor since 1998 Interests in six ethanol production facilities with annualized sales of ~655 million gallons (TTM) REX effective ownership interest of annualized TTM gallons sold = ~243 million gallons Pre-tax ROI’s of 41% - 888% (trailing four years annualized for period ending 7/31/16) 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 14% Strong asset base (at 7/31/16): Shareholders’ equity $319.1M (~$48.45 per share) Consolidated cash $134.7M 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 $136.0 million since February 2010 Invested ~$16.2 million since 2015 with plans to expand output capacity at consolidated plants by ~10% 19

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