One Earth Energy, LLC Gibson City, IL Stuart Rose, Chairman & CEO Doug Bruggeman, CFO March 2012 REX: NYSE

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 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. Safe Harbor 2

 Successful alternative energy investor since 1998  Synfuel investments of $6M yielded ~$178M return over 10 years  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 99.7% of revenue and 83.8% of assets (1/31/12)  Ownership in seven operating ethanol production facilities representing  In aggregate, million gallons of TTM annual gallons sold by seven plants  REX effective ownership interest of TTM gallons sold = million gallons  Revenues from ethanol, distillers grain & corn oil  Strong, liquid balance sheet (as of 1/31/12) (based on 8.4M diluted shares)  Unrestricted cash of $46.1M~ $ 5.49/share  Net book value of retail real estate$17.5M~ $ 2.08/share  Carrying value of ownership in seven plants$197.8M~ $23.50/share  REX shareholders’ book value$252.5M~$30.06/share  ROE-focused asset allocation discipline  11.2% average ROE since 1993 (despite low returns on high cash balances)  Share repurchase program  Insider ownership approximately 33% REX Overview 3

 Entered alternative energy sector FY ‘ 98 investing in two synthetic fuel LP’s  Earned federal income tax credits based on the tonnage and content of solid synthetic fuel produced and sold to unrelated parties  Sold interests in both partnerships and received quarterly income subject to production levels and phase-outs through calendar 2007  Purchased 3rd synthetic fuel facility in FY ‘ 02; was sold in FY ’ 04  Synfuel partnership performance - FY ’98 - FY ’11  Total investment income ~$130M from sale of partnership interests  Allocated income tax credits of ~$48M  Plus $2.9M in income received in Q2 ‘11 from plant sold in 2006  Entered ethanol sector FY ’ 06 and REX currently has:  Investments in seven operating ethanol production facilities  Effective ownership of ~248 million annual gallons sold Alternative Energy Investments 4

 Ethanol industry blends approximately 14 billion gallons per year, thereby reducing our reliance on foreign oil  Helps U.S. balance of trade  Helps country move towards energy independence  Approximately 1/3 of corn used in ethanol production is returned to feed market in the form of DDG, corn gluten meal and feed*  National benefits  Farmers require fewer price subsidies  Land being transitioned away from “land bank”  Ethanol generates higher tax revenues  Ethanol production added nearly $54 bn to GDP*  Ethanol production increased household income by $36 bn*  Effective 1/1/12 industry no longer receives tax subsidies (VEETC)  Farm states less impacted by challenged economic environment  Ethanol estimated to have created 400,000 jobs across ancillary industries from agriculture to manufacturing to the service sector* * Source: Renewable Fuels Associations Ethanol Industry Considerations 5

REX Ethanol Portfolio PLANT REX’S CURRENT TTM GALLONS CURRENT EFFECTIVE OWNERSHIP ENTITY/LOCATION SOLDREX OWNERSHIPOF TTM GALLONS SOLD (millions)INTEREST(millions) One Earth Energy, LLC Gibson City, IL %77.4 Patriot Renewable Fuels, LLC Annawan, IL %29.8 TOTAL (2) 668.8n/a248.2 (1)REX’s current effective annual gallons sold represents one month of ownership of Big River Resources Boyceville, LLC. (2)Table excludes results related to the LHCE operations which ceased production in January Big River Resources West Burlington, LLC West Burlington, IA (1) %10.5 Big River Resources Galva, LLC Galva, IL (1) %10.5 Big River United Energy, LLC Dyersville, IA %5.9 Big River Resources Boyceville, LLC Boyceville, WI (1) 4.710%0.5 NuGen Energy, LLC Marion, SD %

 Effective 11/1 acquired additional 50% equity interest in NuGen Energy ethanol production plant, raising REX’s ownership to 98%  Total cash consideration of $12.7 million for additional equity and REX’s remaining contingent liability and REX made a $7.0 million capital contribution to reduce NuGen long-term debt  Transaction funded with cash on hand  NuGen’s non-recourse bank debt refinanced  $55 million mortgage debt and $10 million revolving credit facility  Increases REX’s ownership of annual gallon production by ~30%  Results are consolidated in REX’s financial statements beginning Q4FY’11  In 2/12 NuGen repurchased shares which had the effect of raising REX’s equity ownership in the facility to 99%  NuGen operates a nameplate 100 mgy ethanol production facility  Favorable location with excellent infrastructure including railroad, natural gas and local corn supply  Produced mgy and mgy of denatured ethanol in FYE 7/31/11 and 7/31/10, respectively  Sold million gallons in TTM 1/31/12  Plant built by Fagen, Inc. with ICM, Inc. technology Acquisition of Additional NuGen Interest 7 Dollars in millions, unauditedTwelve Months Ended July 31, Change Sales $ 336.6$ % Gross Profit % General and Administrative Expense (9.4) % EBITDA* % Depreciation and Amortization Expense (4.7) (4.6) +2.2 % Earnings Before Interest and Taxes % Interest Expense, net (3.0) (3.3) (9.1) % Net Income (pre-tax) $ 24.3$ % Denatured Production (millions of gallons) % * EBITDA, or earnings before interest, taxes, depreciation and amortization is not a measure of performance or liquidity calculated in accordance with GAAP. EBITDA for NuGen is calculated by adding interest expense, net and depreciation and amortization expense to pre-tax net income.

 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. and/or ICM, Inc.  Fagen is large, respected U.S. green energy design-builder  ICM engineers, builds, and supports renewable fuel bio-refineries  ICM process technology produces ~6.6 billion gallons of ethanol  Seek to match grain prices with ethanol and DDG sales at most plants  Forward grain purchases and ethanol sales contracts generally  two month duration  Derivative contracts are generally not employed to hedge commodity price risks  Maximize ethanol plant returns via:  Running plants efficiently, often above nameplate capacity  Sale of dried (and wet) distillers grain (DDG) as animal feed  Adding corn oil production capabilities REX Ethanol Strategy 8

Demand/Pricing Drivers Ethanol  Federal EPA ethanol purchasing mandates continue to rise, requiring refiners to purchase more ethanol each year: YearTarget BGY BGY BGY BGY 2015 & beyond15.0 BGY  $0.45 per gallon VEETC (blender’s credit) expired Dec. 31, 2011 Distillers Grain  Rising corn prices have driven DDG pricing increases, helping offset impact on crush spreads 9

Crush Spread & DDG Pricing  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.  Dried distillers grain (DDG) pricing has offset weaker crush spreads in 1H’11 and supplemented improved crush spreads in 2H’11  REX’s average realized DDG prices per quarter are reflected on green line below. Calculated using CBOT monthly average prices 10

Operating Results Twelve Months Ended $ in millions, except per share data Net sales and revenue: Alternative energy (1) $408.7$300.4 Real estate Total net sales and revenue$410.0$301.4 Gross profit$33.8$30.6 Segment profit (loss): Alternative energy (1) $48.7$13.4 Real estate(1.5) (0.8) Corporate expense(2.3)(2.7) Income from synthetic fuel partnership2.9-- Interest income, net Income from continuing operations including non-controlling interests $31.9$7.1 Net income from continuing operations$26.5$3.4 Net income from continuing operations per share$2.88$0.34 Net income$28.3$5.1 Diluted net income per share$3.08$0.52 Weighted average diluted shares outstanding (1)Includes results attributable to non-controlling interests of approximately 44% for Levelland Hockley in fiscal year 2010 and 26% for One Earth in fiscal year 2010 and fiscal year Effective January 31, 2011, REX reduced its equity ownership in Levelland Hockley to 49% from 56%. Beginning November 1, 2011, the non-controlling interests of NuGen, which equal approximately 2.5% are included in the results. 1/31/121/31/11 11

Strong Balance Sheet $ in millions 1/31/121/31/11 Cash and Cash Equivalents$ 75.0 $ 91.0 Total Current Assets Property & Equipment, net Deferred Taxes, net-5.2 Equity Method Investments Other Investments and Deposits Total Assets $438.0$375.7 Current Debt $ 15.2$ 10.0 Total Current Liabilities Deferred Income Long Term Debt - Non Recourse Long Term Debt - Recourse Total REX Equity (excludes non-controlling interests) $252.5$

 Previously built and operated 260-store consumer electronics chain  Discontinued retail operations in FY ’09  Retail service contract deferred income recognized in discontinued operations  Monetized real estate as industry dynamics challenged retail operations  Reduced store count using disciplined financial criteria for each location  Sold 86 company-owned sites in 2007 for $74.5M in cash  Real estate holdings as of 1/31/12:  Carrying value $16.4M, net of $1.1M of debt  22 owned store locations & 1 distribution center  Divesting real estate on an opportunistic basis Real Estate Assets 13

Capital Allocation Priorities  Ethanol plants and other industrial investments  Share repurchases below book value  ~4.0M shares repurchased last four years at average price of $13.47  Repurchased 1,305,589 shares in FY’11 at average price of $17.02  162,455 shares remaining under current repurchase authorization 14

 Successful alternative energy investor since 1998  Interests in seven operating ethanol production facilities which sold ~669 million gallons (TTM)  REX effective ownership interest of TTM gallons sold = ~248 million gallons  Alternative energy segment profit of $48.6M in FY’11 vs. $13.4M in FY’10  Industry leading ethanol production skill and plant efficiencies  REX ethanol operations are among best performing plants  Growth opportunities in ethanol and other industrial sectors  Expand ownership of existing facilities  Invest in new ethanol plants or industrial projects requiring similar skill sets  Proven management team with asset allocation discipline  11.2% average ROE since 1993, despite low returns on high cash balances  Long-term program of share repurchases below book value  Insider ownership of ~33%  Strong asset base (at 1/31/12):  Shareholders‘ equity $252.5M (~$30.06 share)  Unrestricted cash $46.1M  Net real estate value $16.4M  8.4M diluted shares outstanding at 1/31/12 REX Summary 15

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