1. REX: NYSE www.rexamerican.com Stuart Rose, CEO Doug Bruggeman, CFO
January 2014

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
Ethanol investments initiated in 2006
$24M profit in FY’07 on $14M early ethanol investment
Alternative energy represented 99.7% of revenue and 86.2% of assets (10/31/13)
Ownership in seven ethanol production facilities
In aggregate, million gallons of TTM annualized gallons shipped by seven plants
REX effective ownership interest of TTM annualized gallons shipped = million gallons
Pre-tax ROI’s of 21% - 31% (trailing three fiscal years annualized)
Revenues from ethanol, distillers grains & corn oil
Strong, liquid balance sheet (as of 10/31/13) (based on 8.2M diluted shares)
Unrestricted cash $46.0M ~ $ / share
Net book value of retail real estate $9.7M ~ $ / share
Carrying value of ownership in seven plants $221.5M ~ $27.01 / share
REX shareholders’ book value $263.3M ~$32.11 / share
ROE-focused asset allocation discipline
10.6% average ROE since 1993 (despite low returns on high cash balances)
Long-term/active share repurchase program
Insider ownership approximately 28% 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 is large, respected U.S. green energy design-builder
Seek to match grain prices with ethanol and DDG sales at consolidated plants
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 grains (DDGs) as animal feed
Production of corn oil 4

5. REX Corn Belt Ethanol Portfolio
REX AMERICAN RESOURCES
TTM GALLONS SHIPPED BY PLANTS IN WHICH IT HAS INTERESTS
724.3 MILLION
REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED
258.7 MILLION
Illinois
ONE EARTH ENERGY, LLC
Gibson City, IL
REX OWNERSHIP INTEREST
74%
TTM GALLONS SHIPPED
111.6 MILLION
REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED
82.7 MILLION
South Dakota
NUGEN ENERGY, LLC
Marion, SD
REX OWNERSHIP INTEREST
99%
TTM GALLONS SHIPPED
113.4 MILLION
REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED
112.7 MILLION
Illinois
PATRIOT HOLDINGS, LLC
Annawan, IL
REX OWNERSHIP INTEREST
27%
TTM GALLONS SHIPPED
119.8 MILLION
REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED
31.8 MILLION
Iowa
BIG RIVER RESOURCES WEST BURLINGTON, LLC
West Burlington, IA
REX OWNERSHIP INTEREST
10%
TTM GALLONS SHIPPED
100.2 MILLION
REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED
9.7 MILLION
Illinois
BIG RIVER RESOURCES, GALVA, LLC
Galva, IL
REX OWNERSHIP INTEREST
10%
TTM GALLONS SHIPPED
107.9 MILLION
REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED
10.5 MILLION
Iowa
BIG RIVER UNITED ENERGY, LLC
Dyersville, IA
REX OWNERSHIP INTEREST 5%
TTM GALLONS SHIPPED
111.2 MILLION
REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED
5.5 MILLION
Wisconsin
BIG RIVER RESOURCES BOYCEVILLE, LLC
Boyceville, WI
REX OWNERSHIP INTEREST
10%
TTM GALLONS SHIPPED
60.2 MILLION
REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED
5.8 MILLION
Figures as of 10/31/13 5

6. High Return Ethanol Investments
Plant
Investment Timeline
REX Total Investment
Cumulative
Earnings
(Oct. 2013)
REX Trailing
Three Year Annualized ROI
(1/31/13)*
One Earth (1)
Oct. ’07
$51M
$49M
23%
NuGen
June ‘10 ($12.3M)
Nov. ’11 ($19.7M)
$32M
$31M
31%
Patriot (2)
Dec. ’06 ($16.0M)
Jan. ‘12 ($1.9M)
$18M
$17M
22%
Big River
Oct. ’06 ($5.0M)
Jan. ‘07 ($5.0M)
July ‘07 ($10.0M)
Sept. ‘09 ($0.03M)
$20M
$25M
21%
Total
$121M
$122M
* Calculated based upon the weighted average capital invested and pre-tax returns generated over the time period
1 Production commenced in July ’09
2 Production commenced in Sept. ‘08 6

7. Ethanol Industry Considerations
The ethanol industry produced approximately 13.3 billion gallons of ethanol in 2012, thereby reducing U.S. reliance on foreign oil
Helps U.S. balance of trade
Helps U.S. move towards energy independence
Over 450M barrels of imported oil displaced - $47B value in 2012*
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
Farmers require fewer government-sponsored price subsidies
Land transitioned away from “land bank”
Ethanol production generates higher tax revenues
Ethanol production added over $41B to GDP*
Ethanol production increased household income by ~$29B*
Industry receives no tax subsidies
Farm states are less impacted by challenged economic environment
Ethanol estimated to have supported over 365,000 jobs, including across ancillary industries, from agriculture to manufacturing to the service sector*
On a life cycle analysis basis, corn-based ethanol production and use reduces greenhouse gas emissions (GHGs) from 30-50% compared to gasoline production and use.*
$8.0B paid in federal, state and local taxes.*
Sources:* Renewable Fuels Associations 7 7

8. Expense/Demand/Pricing Drivers
Corn
USDA Crop Production Forecast:
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 Target
BGY
BGY (2)
Efficient plants expected to operate near capacity levels
Year Capacity
BGY
Distillers Grains / Corn Oil
Allows for the recovery of approximately 1/3 of the cost of corn
Corn oil production commenced at REX’s two consolidated plants in Q1 FY’12
1 Mandates can be partially met by use of available RINS from the prior years toward the current year requirements and/or to carry forward a deficit into the next compliance year.
2 Subject to comment period. 8

9. REX TTM Sales Mix Revenue Mix TTM 10/31/13 Revenue Mix TTM 10/31/12
Corn Oil
$18.3M 2.6%
Syrup
$1.5M
0.2%
Syrup
$1.4M
0.2%
Ethanol
$520.0M 75.0%
Ethanol
$505.0M
77.5%
Total TTM 10/31/13 Revenue of $693.7M
Total TTM 10/31/12 Revenue of $652.0M
TTM 10/31/13 TTM 10/31/12
Ethanol $519,920, % $504,977, %
Distiller Grains 154,041, % 133,815, %
Corn Oil 18,336, % 11,763, %
Syrup ,413, % ,458, %
TOTAL ,712, % 652,015, %
TTM Sales Mix 9

10. Operating Results Amounts Attributable to REX Common Shareholders
$ in millions, except per share data
Three Months
Ended October 31,
Nine Months
2013
2012
Alternative Energy
$166.0
$178.5
$519.7
$481.9
Real Estate
0.5
0.4
1.2
1.0
Total net sales and revenue
$166.5
$178.8
$520.1
$482.9
Gross profit
$18.2
$3.7
$38.3
$16.2
Segment profit (loss)
Alternative energy
$16.5
$1.6
$34.2
$6.5
Real estate
0.1 -
0.2
(0.2 )
Corporate expense, net
(0.6)
(2.0
(1.7
Amounts Attributable to REX Common Shareholders
Net income from continuing operations
$9.1
$0.3
$18.1
$1.7
Diluted net income from continuing operations per share
$1.11
$0.04
$2.21
$0.21
Net income
$9.9
$0.4
$19.2
$2.1
Diluted net income per share
$1.21
$0.05
$2.34
$0.26
Weighted average diluted shares outstanding
8.2
8.3
8.4 10

11. Strong Balance Sheet $ in millions October 31, January 31, 2013
Cash and cash equivalents
$93.4
$69.1
Total current assets
126.4
114.9
Property & equipment, net
210.4
223.2
Equity method investments
69.2
60.0
Total Assets
$410.7
$405.3
Current portion of long-term debt
$10.4
$15.6
Total current liabilities
31.2
31.5
Long term debt
78.0
91.3
Total REX Equity (excludes non-controlling interests)
$263.3
$246.4 11

12. Capital Allocation Priorities
Ethanol plants and other industrial investments
Repay debt at existing facilities
Energy projects using our commodity experience and state-of-the-art technology focus
Share repurchases below book value
~2.1M shares repurchased over the last three fiscal years at average price of $16.86
~4.3M shares repurchased over the last five fiscal years at average price of $13.72
Repurchased 245,434 shares in FY’12 at average price of $17.82
Repurchased 122,880 shares in FY’13 YTD 10/31/13 at an average price of $25.05
280,006 shares remaining under current repurchase authorization
8.1 million common shares outstanding 12

13. 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 ~$477,000 (through 10/31/13) 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 13

14. REX Summary Successful alternative energy investor since 1998
Interests in seven ethanol production facilities with annualized sales of ~724 million gallons (TTM)
REX effective ownership interest of annualized TTM gallons sold = ~259 million gallons
Pre-tax ROI’s of 21% - 31% (trailing three year annualized)
Industry leading ethanol production skill and plant efficiencies
REX ethanol operations are among best performing plants
Alternative energy segment profit of $34.2M in in FY’13 YTD 10/31/13 vs. $6.5M in FY’12 YTD
Growth opportunities in ethanol and other industrial sectors
Repay debt at existing facilities and expand ownership of existing facilities
Invest in new ethanol plants or industrial projects requiring similar skill sets
Proven management team with asset allocation discipline
10.6% average ROE since 1993, despite low returns on high cash balances
Long-term program of share repurchases below book value
Insider ownership of approximately 28%
Strong asset base (at 10/31/13):
Shareholders’ equity $263.3M (~$32.11 per share)
Consolidated cash $93.4M
Real estate value $9.7M
8.2M diluted shares outstanding 14

15. One Earth Energy, LLC Gibson City, IL