1. Doug Bruggeman – Chief Financial Officer
REX: NYSE
Doug Bruggeman – Chief Financial Officer
June 2016

2. 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 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.

3. 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

4. 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

5. 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

6. 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.

7. 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

8. Expense / Demand / Pricing Drivers
Corn:
USDA crop production:
2015 (January 2016 report) 13.6 billion bushels
(average acre yield of bushels)
2014 (January 2015 report) 14.2 billion bushels
(average acre yield of bushels)
2013 (January 2014 report) 13.9 billion bushels
(average acre yield of bushels)
2012 (November 2012 report) 10.7 billion bushels
(average acre yield of bushels)
Ethanol:
Federal EPA ethanol purchasing mandates(1) :
Year Standards
billion gallons (2)
billion gallons (2)
billion gallons (2)
billion gallons (3)
Exports:
~ 836M gallons exported to 76 countries in 2015 (Renewable Fuels Association)
Capacity (Per Renewable Fuels Association):
Year Nameplate
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, Proposed. 8

9. 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

10. 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

11. 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

12. 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

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 – (Corn bushel price / 2.8)
Crush spread excludes other production, transportation costs, etc.
CBOT Crush Spread Trend (cents per gallon) 13

14. 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

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

16. 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

17. 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

18. Doug Bruggeman Joseph Jaffoni, Norberto Aja REX JCIR
Chief Financial Officer /
937/276‑3931
One Earth Energy, LLC Gibson City, IL