Stuart Rose, CEO Doug Bruggeman, CFO December 2013

1. REX: NYSE www.rexamerican.com Stuart Rose, CEO Doug Bruggeman, CFO December 2013

2. 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 1934. 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. Safe Harbor

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 sevenethanol production facilities • In aggregate, 724.3 million gallons of TTM annualized gallons shipped by seven plants • REX effective ownership interest of TTM annualized gallons shipped= 258.7 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~ $ 5.61 / share • Net book value of retail real estate $9.7M ~ $ 1.18 / 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 31% 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 DDGsales 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. Illinois Illinois Illinois South Dakota Wisconsin Iowa 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 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 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 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 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 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 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 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 Figures as of 10/31/13 5

6. High Return Ethanol Investments • * 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

8. Corn USDA Crop Production Forecast: November 201314.0 billion bushels (average acre yield of 160.4 bushels) If realized, this will be the highest average yield since 2009 November 201210.7 billion bushels (average acre yield of 122.3 bushels) Ethanol Federal EPA ethanol purchasing mandates(1) : YearTarget 2013 13.8 BGY 2014 13.0 BGY(2) Efficient plants expected to operate near capacity levels YearCapacity 201314.8 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 Expense/Demand/Pricing Drivers • 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 $519,920,447 75.0% $504,977,006 77.5% Distiller Grains 154,041,292 22.2% 133,815,587 20.5% Corn Oil 18,336,999 2.6% 11,763,775 1.8% Syrup 1,413,2800.2% 1,458,9790.2% TOTAL 693,712,018 100.0% 652,015,347 100.0% TTM Sales Mix 9

10. Operating Results 10

11. Strong Balance Sheet 11

12. 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 Capital Allocation Priorities 12

13. 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 Deep Heavy Oil Technology Investment • 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 31% • 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, LLCGibson City, IL