1. REX: NYSE

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, ~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

4. REX Management Stuart Rose - Founder, Executive Chairman of the Board
Mr. Rose was elected Executive Chairman of the Board in 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 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 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 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

5. 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

6. 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

7. 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

8. 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

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

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

11. 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

12. 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

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

14. 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

15. 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

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

17. Ten Year REX Share Performance17

18. 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

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