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, ~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

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
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

6. 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

7. 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.

8. 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

9. Expense / Demand / Pricing Drivers
Corn:
USDA crop production:
2015 (January 2016 report) 13.6 billion bushels
(average acre yield of bushels)
(January 2017 report) billion bushels
(average acre yield of bushels)
(January 2018 report) billion bushels
(average acre yield of bushels)
(September 2018 report) billion bushels
(average acre yield of bushels)
Ethanol:
Federal EPA ethanol purchasing mandates for conventional renewable fuel:(1)
Year Standards
billion gallons
billion gallons
billion gallons
Exports:
~1.37B gallons exported to over 60 countries in 2017 (Renewable Fuels Association)
Capacity: (Renewable Fuels Association)
Year Nameplate
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

10. 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

11. 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

12. 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

13. 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

14. 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

15. 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

16. 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

17. 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

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

19. Ten Year REX Share Performance19

20. 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

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