1. Zafar Rizvi – Chief Executive Officer
REX: NYSE
ww.rexamerican.com
Zafar Rizvi – Chief Executive Officer
Doug Bruggeman – Chief Financial Officer
September 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, 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

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
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

5. 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

6. 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.

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 (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

8. Expense / Demand / Pricing Drivers
Corn:
USDA crop production:
(September 2016 est. report) billion bushels
(average acre yield of bushels)
2015 (January 2016 report) billion bushels
(average acre yield of bushels)
2014 (January 2015 report) billion bushels
(average acre yield of bushels)
2013 (January 2014 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 (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, 2015.
3. Proposed. 8

9. U.S. Corn Condition Percent Rated Good to Excellent% % % % % % % 9
Sources: U.S. Department of Agriculture

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

11. 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

12. 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

13. 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

14. 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

15. 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

16. 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

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

18. 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

19. 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

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