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

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. 2 Safe Harbor

3.  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 99.9% of revenue and 85.9% of assets  Ownership in seven ethanol production facilities  In aggregate, 750.2 million gallons of TTM annualized gallons shipped by seven plants  REX effective ownership interest of TTM annualized gallons shipped = 262.8 million gallons  Pre-tax ROI’s of 25% - 52% (trailing four fiscal years annualized)  Revenues from ethanol, distillers grains & corn oil  Strong, liquid balance sheet (as of 4/30/14) (based on 8.2M diluted shares)  Unrestricted cash$55.5M~ $ 6.76 / share  Net book value of retail real estate$4.6M~ $ 0.56 / share  Carrying value of ownership in seven plants$267.8M~ $32.65 / share  REX shareholders’ book value$302.4M~ $36.87 / share  ROE-focused asset allocation discipline  10.7% average ROE since 1993 (despite low returns on high cash balances)  Long-term/active share repurchase program  Insider ownership approximately 23% REX Overview 3

4.  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 distiller grain 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  Sell distillers grains as animal feed  Production of corn oil  Ongoing reduction of plant level debt REX Ethanol Strategy 4

5. REX Corn Belt Ethanol Portfolio 5 Illinois ONE EARTH ENERGY, LLC Gibson City, IL REX OWNERSHIP INTEREST 74% TTM GALLONS SHIPPED 112.0 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 82.9 MILLION Illinois PATRIOT HOLDINGS, LLC Annawan, IL REX OWNERSHIP INTEREST 27% TTM GALLONS SHIPPED 120.7 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 32.6 MILLION Illinois BIG RIVER RESOURCES, GALVA, LLC Galva, IL REX OWNERSHIP INTEREST 10% TTM GALLONS SHIPPED 118.4 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 11.8 MILLION South Dakota NUGEN ENERGY, LLC Marion, SD REX OWNERSHIP INTEREST 99% TTM GALLONS SHIPPED 114.2 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 113.1 MILLION Iowa BIG RIVER RESOURCES WEST BURLINGTON, LLC West Burlington, IA REX OWNERSHIP INTEREST 10% TTM GALLONS SHIPPED 107.4 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 10.7 MILLION Iowa BIG RIVER UNITED ENERGY, LLC Dyersville, IA REX OWNERSHIP INTEREST 5% TTM GALLONS SHIPPED 121.7 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 6.1 MILLION Wisconsin BIG RIVER RESOURCES BOYCEVILLE, LLC Boyceville, WI REX OWNERSHIP INTEREST 10% TTM GALLONS SHIPPED 55.8 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 5.6 MILLION REX AMERICAN RESOURCES TTM GALLONS SHIPPED BY PLANTS IN WHICH IT HAS INTERESTS 750.2 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 262.8 MILLION Figures as of 4/30/14

6. 6 Plant Investment Timeline REX Total Investment Cumulative Earnings (4/30/14) REX Trailing Four Year Annualized ROI (1/31/14)* One Earth (1) Oct. ’07$51M$62M25% NuGenJune ‘10 ($12.3M) Nov. ’11 ($19.7M) $32M$68M52% Patriot (2) Dec. ’06 ($16.0M) Jan. ‘12 ($1.9M) $18M$24M28% Big RiverOct. ’06 ($5.0M) Jan. ‘07 ($5.0M) July ‘07 ($10.0M) Sept. ‘09 ($0.03M) $20M$34M27% Total$121M$188M 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

7. Ethanol Industry Considerations 7  The ethanol industry produced approximately 13.3 billion gallons of ethanol in 2013, thereby reducing U.S. reliance on foreign oil  Helps U.S. balance of trade  Helps U.S. move towards energy independence  Over 462M barrels of imported oil displaced  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  Government payments to corn growers have fallen from nearly $9 billion in 2006 to less than $2 billion in 2013*  Land transitioned away from “land bank”  Ethanol production generates higher tax revenues  Ethanol production added over $44B to GDP*  Ethanol production increased household income by ~$31B*  Industry receives no tax subsidies  Farm states are less impacted by challenged economic environment  Ethanol estimated to have supported over 387,000 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 – 13.3 billion gallons of ethanol reduced GHG emissions by 38 million metric tons, the equivalent of taking 8 million cars off the road*  $8.3B paid in federal, state and local taxes* Sources:* Renewable Fuels Associations

8. Corn  USDA Crop Production Forecast: 2013 (January 2014 report) 13.9 billion bushels (average acre yield of 158.8 bushels) 2012 (November 2012 report) 10.7 billion bushels (average acre yield of 122.3 bushels) Ethanol  Federal EPA ethanol purchasing mandates (1) : YearTarget 201313.8 BGY 201413.0 BGY (2)  Efficient plants expected to operate near capacity levels YearCapacity 201314.8 BGY (14.0 in operation at Jan. 2014) Distillers Grains / Corn Oil  Allows for the recovery of approximately 1/3 of the cost of corn Expense/Demand/Pricing Drivers 8 1Mandates 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. 2Proposed – not final EPA number.

9. REX TTM Sales Mix 9 Revenue Mix TTM 4/30/14 Revenue Mix TTM 4/30/13 Ethanol $510.0M 74.6% Ethanol $474.4M 76.4% Syrup $0.2M 0.1% Corn Oil $17.7M 2.6% Corn Oil $17.6M 2.8% Total TTM 4/30/14 Revenue of $620.6MTotal TTM 4/30/13 Revenue of $683.8M TTM 4/30/14TTM 4/30/13 Ethanol$474,356,813 76.4% $509,962,933 74.6% Distiller Grains 128,553,994 20.7% 154,159,507 22.5% Corn Oil 17,557,790 2.8% 17,716,241 2.6% Syrup 161,771 0.1% 1,987,450 0.3% TOTAL $620,630,368 100.0% $683,826,131 100.0% TTM Sales Mix Distiller Grains $128.6M 20.7% Distiller Grains $154.2M 22.5% Syrup $2.0M 0.3%

10. $ in millions, except per share data Three Months Ended April 30, Twleve Months Ended January 31, 2014201320142013 Alternative Energy$155.8$178.3$665.6$656.1 Real Estate0.1 0.5 Total net sales and revenue$155.9$178.4$666.1$656.6 Gross profit$36.6$9.0$64.2$13.6 Segment profit (loss) Alternative energy$38.9$6.6$63.2$(1.0) Real estate(0.1) (0.4)(0.5) Corporate expense, net(0.8)(0.7)(3.1)(2.3) Amounts Attributable to REX Common Shareholders Net income (loss) from continuing operations$21.7$3.2$33.9$(2.9) Diluted net income (loss) from continuing operations per share$2.66$0.39$4.15$(0.35) Net income (loss)$21.7$3.5$35.1$(2.3) Diluted net income (loss) per share$2.67$0.43$4.29$(0.28) Weighted average diluted shares outstanding8.18.2 8.3 10 Operating Results

11. $ in millions April 30,January 31, 2014 Cash and cash equivalents$ 125.6$ 105.1 Total current assets 168.5 148.8 Property & equipment, net 198.4 202.3 Equity method investments 74.4 71.2 Total Assets$ 446.9$ 427.9 Current portion of long-term debt$ 10.1$ 12.2 Total current liabilities 31.0 32.1 Long term debt 58.1 63.5 Total REX Equity (excludes non-controlling interests)$ 302.4$ 279.3 11 Strong Balance Sheet

12.  E thanol 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  ~1.7M shares repurchased over the last three fiscal years at average price of $17.82  ~2.8M shares repurchased over the last five fiscal years at average price of $16.00  Repurchased 137,015 shares in FY’13 at average price of $25.44  280,006 shares remaining under current repurchase authorization  8.2 million common shares outstanding 12 Capital Allocation Priorities

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 13 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 ~$1.2M (through 4/30/14) 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

14.  Successful alternative energy investor since 1998  Interests in seven ethanol production facilities with annualized sales of ~750 million gallons (TTM)  REX effective ownership interest of annualized TTM gallons sold = ~263 million gallons  Pre-tax ROI’s of 25% - 52% (trailing four year annualized)  Industry leading ethanol production skill and plant efficiencies  REX ethanol operations are among best performing plants  Alternative energy segment profit of $63.2M in in FY’13 and $38.9M in Q1’14  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  10.7% average ROE since 1993, despite low returns on high cash balances  Long-term program of share repurchases below book value  Insider ownership of approximately 23%  Strong asset base (at 4/30/14):  Shareholders’ equity $302.4M (~$36.87 per share)  Consolidated cash $125.6M  8.2M diluted shares outstanding 14 REX Summary

15. One Earth Energy, LLC Gibson City, IL Doug BruggemanJoseph Jaffoni, Norberto Aja REX JCIR Chief Financial Officer(212) 835-8500 (937) 276 ‑ 3931rex@jcir.com