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, ~697 million gallons of TTM annualized gallons shipped REX effective ownership interest of TTM annualized gallons shipped = ~277 million gallons Pre-tax ROI’s of 41% to 98% (trailing five years annualized for period ending 7/31/18) Revenues diversified across ethanol, distillers grains & corn oil Purchased refined coal facility on August 10, 2017 for ~$12M in cash (excluding transaction costs) REX owns 95.4% of the facility ROE-focused asset allocation discipline Insider ownership approximately 11% Strong and liquid balance sheet (as of 7/31/ 18 based on 6.4M shares) Working Capital of $220.3M, or ~$34.67 per share Shareholder Equity $385.1M, or ~$60.63 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 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 to maximize returns 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 138.4 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 137.7 MILLION REX AMERICAN RESOURCES TTM GALLONS SHIPPED BY PLANTS IN WHICH IT HAS INTERESTS 697.4 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 276.6 MILLION Iowa BIG RIVER UNITED ENERGY, LLC Dyersville, IA REX OWNERSHIP INTEREST 5.7% TTM GALLONS SHIPPED 129.8 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 7.4 MILLION Illinois ONE EARTH ENERGY, LLC Gibson City, IL REX OWNERSHIP INTEREST 75.0% TTM GALLONS SHIPPED 134.8 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 101.2 MILLION Iowa BIG RIVER RESOURCES WEST BURLINGTON, LLC West Burlington, IA REX OWNERSHIP INTEREST 10.3% TTM GALLONS SHIPPED 108.6 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 11.2 MILLION Illinois BIG RIVER RESOURCES, GALVA, LLC Galva, IL REX OWNERSHIP INTEREST 10.3% TTM GALLONS SHIPPED 128.5 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 13.2 MILLION Wisconsin BIG RIVER RESOURCES BOYCEVILLE, LLC Boyceville, WI REX OWNERSHIP INTEREST 10.3% TTM GALLONS SHIPPED 57.3 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 5.9 MILLION 6 Date as of 7/31/2018

High Return Ethanol Investments Plant Investment Timeline REX Total Investment Cumulative Earnings (7/31/18) REX Trailing Five Year Annualized ROI (7/31/18)* One Earth Oct. ’07 Production July ’09 $51M $164M 43% NuGen June ‘10 ($12.3M) Nov. ’11 ($19.7M) $32M $179M 98% Big River Oct. ’06 ($5.0M) Jan. ‘07 ($5.0M) July ‘07 ($10.0M) Sept. ‘09 ($0.03M) $20M $64M 41% Total $103M $407M 7 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 15.9 billion gallons of ethanol in 2017, 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 (1) National benefits Ethanol production generates higher tax revenues Ethanol production added ~$45 billion to GDP (1) Ethanol production grew household income by ~$24 billion(1) ~$10 billion paid in federal, state and local taxes (1) Industry receives no tax subsidies Farm states are less impacted by challenged economic environment Ethanol estimated to have supported over 71,000 jobs directly and nearly 285,000 jobs across ancillary industries, from agriculture to manufacturing to the service sector (1) On a life cycle basis, corn-based ethanol from a typical dry mill plant reduces greenhouse gas emissions (GHGs) by an average of 35-45%, compared to gasoline – use of ethanol in gasoline in 2017 estimated to reduce GHG emissions by 53.5 million metric tons, the equivalent of taking 11.4 million cars off the road. (1) 1. Sources: Renewable Fuels Associations 8 8

Expense / Demand / Pricing Drivers Corn: USDA crop production: 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) 2017 (January 2018 report) 14.6 billion bushels (average acre yield of 176.6 bushels) 2018 (September 2018 report) 14.8 billion bushels (average acre yield of 181.3 bushels) Ethanol: Federal EPA ethanol purchasing mandates for conventional renewable fuel:(1) Year Standards 2016 14.5 billion gallons 2017 15.0 billion gallons 2018 15.0 billion gallons Exports: ~1.37B gallons exported to over 60 countries in 2017 (Renewable Fuels Association) Capacity: (Renewable Fuels Association) Year Nameplate 2018 16.2 BGY (15.8 in operation at January 2018) 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. In addition, mandates can be reduced by individual refinery waivers granted by the EPA. 9

U.S. Corn Production 10 In Billions of Bushels (1) In Billions of Bushels Sources: U.S. Department of Agriculture 1. Estimated 2018 production 10

U.S. Ethanol Exports In 2017, the U.S. Exported 1.37 Billion Gallons of Ethanol to Over 60 Countries In Millions of Gallons of Ethanol Source: RFA – Renewable Fuels Association 11 11

Monthly U.S. Ethanol Exports & Imports U.S. Monthly Net Exports Monthly U.S. Ethanol Exports & Imports Sources: U.S. Department of Commerce, U.S. Census Bureau, Foreign Trade Statistics 12 12

Top Markets for U.S. Ethanol Exports U.S. Exports January – June 2018 % of Total U.S. Exports 2017 Brazil 33% Canada 24% India 13% Philippines 5% South Korea 3% UAE Peru Netherlands 2% Mexico Singapore Other 10% % of Total U.S. Exports January – June 2018 Brazil 37% Canada 17% India 8% China 6% South Korea 5% Philippines UAE 3% Netherlands Columbia Peru Other 10% Source: US Dept. of Agriculture - Foreign Agricultural Service 13 13

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 – (Corn Price per Bushel / 2.8) Crush spread excludes other production, transportation costs, etc. CBOT Crush Spread Trend (cents per gallon) 14

Ethanol & By-Products Sales Mix Revenue Mix TTM 7/31/18 Revenue Mix TTM 7/31/17 Corn Oil $21.9M 4.6% Corn Oil $19.3M 4.1% Other $0.1M 0.0% Other $0.1M 0.0% Distillers Grains $86.3M 18.0% Distillers Grains $70.4M 15.3% Ethanol $371.2M 77.4% Ethanol $370.0M 80.5% Total TTM 7/31/18 Revenue of $479.4M Total TTM 7/31/17 Revenue of $459.7M TTM Sales Mix TTM 7/31/18 TTM 7/31/17 Ethanol $371,164,384 77.4% $370,042,347 80.5% Distillers Grains 86,270,370 18.0% 70,366,107 15.3% Corn Oil 21,932,052 4.6% 19,251,954 4.2% Other 69,698 - 75,889 TOTAL $479,463,504 100% $459,736,297 15

Operating Results 2018 2017 Total net sales and revenue $128.8 $108.7 Three Months Ended July 31, Six Months 2018 2017 Total net sales and revenue $128.8 $108.7 $249.6 $221.9 Gross profit $9.4 $10.8 $20.3 $23.3 Benefit (provision) for income taxes $5.6 ($2.3) $8.3 ($4.7) Net income attributable to REX Common Shareholders $9.2 $2.9 $18.7 $7.5 Diluted net income per share attributable to REX Common Shareholders $1.43 $0.45 $2.87 $1.14 Weighted average diluted shares outstanding 6.5 6.6 Numbers in millions, except per share data 16

Segment Income Statement Data   Three Months Ended Six Months ($ in thousands) July 31, 2018 2017 Net sales and revenue: Ethanol & By-Products (1) $128,491 $108,744 $249,171 $221,887 Refined coal (2) (3) 266 - 406 Total net sales and revenues $128,757 $249,577 Gross profit (loss): $ 13,669 $ 10,781 $ 27,215 $ 23,270 Refined coal (2) (4,270) (6,965) Total gross profit $ 9,399 $ 20,250 Income (loss) before income taxes: $ 10,077 $ 7,330 $ 21,086 $ 16,253 (4,788) (7,647) Corporate and other (430) (857) (931) (1,778) Total income (loss) before income taxes $ 4,859 $ 6,473 $ 12,508 $ 14,475 Benefit (provision) for income taxes:   Ethanol & By-Products $ (2,029) $ (2,675) $ (3,449) $ (5,380) Refined coal 7,597 - 11,596 Corporate and other 63 373 187 688 Total benefit (provision) for income taxes $ 5,631 $(2,302) $ 8,334 $ (4,692) Segment profit (loss):   Ethanol & By-Products $ 6,561 $ 3,419 $ 15,150 $ 8,561 Refined coal 3,018 - 4,289 Corporate and other (362) (478) (726) (1,076) Net income attributable to REX common shareholders $ 9,217 $ 2,941 $ 18,713 $ 7,485 Includes results attributable to non-controlling interests of approximately 25% for One Earth and approximately 1% for NuGen. Includes results attributable to non-controlling interests of approximately 5%. Refined coal sales are reported net of the cost of coal. 17

Strong Balance Sheet July 31, January 31, 2018 Cash, cash equivalents & short-term investments $ 185.7 $ 191.0 Total current assets 242.4 239.0 Property & equipment, net 190.8 197.8 Equity method investments 35.1 34.5 Total Assets $ 476.2 $ 478.9 Total current liabilities 22.2 21.9 Deferred taxes (long-term) 13.8 21.7 Total REX Equity (excludes non-controlling interests) $ 385.1 $ 381.5 ($ in millions) 18

Ten Year REX Share Performance 19

REX Summary Successful alternative energy investor since 1998 Interests in six ethanol production facilities with annualized sales of ~697 million gallons (TTM) REX effective ownership interest of annualized TTM gallons sold = ~277 million gallons Pre-tax ROI’s of 41% - 98% (trailing five years annualized for period ending 7/31/18) Industry leading ethanol production skill and plant efficiencies REX ethanol operations are among best performing plants Net income of $39.7M in year ended 1/31/18 Net income of $18.7M for the six months ended 7/31/18 Growth opportunities in ethanol and other industrial sectors August 2017 refined coal facility purchase Invest in ethanol plants or industrial projects requiring similar skill set Proven management team with asset allocation discipline Insider ownership of approximately 11% Strong asset base (as of 7/31/18): Shareholders’ equity of $385.1M (~$60.63 per share) Consolidated cash & short-term investments of $185.7M Return-focused capital allocation/return of capital policies Paid off ~$155 million of debt at consolidated plants between 2009 and 2014 Repurchased 4.3 million shares of common stock for $152 million since February 2010 Invested ~$59 million since 2015 – expand output capacity at consolidated plants 20

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