1. REX: NYSE www.rexamerican.com Stuart Rose, CEO Doug Bruggeman, CFO March 2015

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 88.6% of assets (10/31/14)  Ownership in seven ethanol production facilities  In aggregate, 761.2 million gallons of TTM annualized gallons shipped  REX effective ownership interest of TTM annualized gallons shipped = 264.8 million gallons  Pre-tax ROI’s of 36% - 92% (trailing four years annualized for period ending 10/31/14)  Revenues diversified across ethanol, distillers grains & corn oil  Strong, liquid balance sheet (as of 10/31/14 - based on 8.1M diluted shares)  Unrestricted cash$48.5M~ $ 5.99 / share  Net book value of retail real estate$4.1M~ $ 0.51 / share  Carrying value of ownership in seven plants$326.7M~ $40.52 / share  REX shareholders’ book value$339.4M~ $42.11 / share  ROE-focused asset allocation discipline  Insider ownership approximately 16% 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 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  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  Fully paid off consolidated 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 112.2 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 83.0 MILLION Illinois PATRIOT HOLDINGS, LLC Annawan, IL REX OWNERSHIP INTEREST 27% TTM GALLONS SHIPPED 122.7 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 33.1 MILLION Illinois BIG RIVER RESOURCES, GALVA, LLC Galva, IL REX OWNERSHIP INTEREST 10% TTM GALLONS SHIPPED 120.1 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 12.0 MILLION South Dakota NUGEN ENERGY, LLC Marion, SD REX OWNERSHIP INTEREST 99% TTM GALLONS SHIPPED 115.0 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 113.9 MILLION Iowa BIG RIVER RESOURCES WEST BURLINGTON, LLC West Burlington, IA REX OWNERSHIP INTEREST 10% TTM GALLONS SHIPPED 109.2 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 10.9 MILLION Iowa BIG RIVER UNITED ENERGY, LLC Dyersville, IA REX OWNERSHIP INTEREST 5% TTM GALLONS SHIPPED 124.8 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 6.2 MILLION Wisconsin BIG RIVER RESOURCES BOYCEVILLE, LLC Boyceville, WI REX OWNERSHIP INTEREST 10% TTM GALLONS SHIPPED 57.2 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 5.7 MILLION REX AMERICAN RESOURCES TTM GALLONS SHIPPED BY PLANTS IN WHICH IT HAS INTERESTS 761.2 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 264.8 MILLION Figures as of 10/31/14

6. 6 Plant Investment Timeline REX Total Investment Cumulative Earnings (10/31/14) REX Trailing Four Year Annualized ROI (10/31/14)* One Earth Oct. ’07 Production commenced in July ’09 $51M$91M36% NuGenJune ‘10 ($12.3M) Nov. ’11 ($19.7M) $32M$97M92% Patriot Dec. ’06 ($16.0M) Jan. ‘12 ($1.9M) Production commenced in Sept. ‘08 $18M$30M37% Big RiverOct. ’06 ($5.0M) Jan. ‘07 ($5.0M) July ‘07 ($10.0M) Sept. ‘09 ($0.03M) $20M$44M40% Total$121M$262M High Return Ethanol Investments * Calculated based upon the weighted average capital invested and pre-tax returns generated over the time period.

7. Ethanol Industry Considerations 7  The ethanol industry produced approximately 14.3 billion gallons of ethanol in 2014, thereby reducing U.S. reliance on foreign oil  Helps U.S. balance of trade  Helps U.S. move towards energy independence  Over 512 million 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*  Ethanol production generates higher tax revenues  Ethanol production added over $53 billion to GDP*  Ethanol production increased household income by ~$27 billion*  $10 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 379,000 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

8. Corn  USDA crop production forecast: 2014(January 2014 report)14.2 billion bushels (average acre yield of 171.0 bushels) 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 2014Under Review by EPA (2) Exports ~ 825M gallons exported to 51 countries in 2014 (Renewable Fuels Association) Capacity YearNameplate 201415.1 BGY (14.6 in operation at Jan. 2015) Distillers Grains / Corn Oil  Approximately 1/3 of every bushel of grain is returned to the animal feed market Expense / Demand / Pricing Drivers 8 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 EPA expects to issue proposed mandates for 2014, 2015 and 2016 by June 2015.

9. Ethanol Demand Forecast 9 Global Ethanol Demand Forecasted to Increase to 35 Billion Gallons by 2022 Sources: Credit Suisse

10. REX Sales Mix 10 Revenue Mix TTM 10/31/14 Revenue Mix TTM 10/30/13 Ethanol $519.9M 75.0% Ethanol $457.1M 77.4% Syrup $0.2M 0.1% Corn Oil $18.3M 2.6% Corn Oil $17.7M 3.0% Total TTM 10/31/14 Revenue of $590.3M Total TTM 10/30/13 Revenue of $693.7M TTM 10/31/14TTM 10/30/13 Ethanol $457,080,006 77.4% $519,920,447 75.0% Distillers Grains 115,275,679 19.5% 154,041,292 22.2% Corn Oil 17,722,245 3.0% 18,336,999 2.6% Syrup 217,297 0.1% 1,413,280 0.2% TOTAL $590,295,227 100% $693,712,018 100% TTM Sales Mix Distillers Grains $115.3M 19.5% Distillers Grains $154.0M 22.2% Syrup $1.4M 0.2%

11. Crush Spread 11  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)

12. Three Months Ended Oct. 31, Nine Months Ended Oct. 31, Twelve Months Ended Jan. 31, 201420132014201320142013 Alternative Energy$138.4$166.0$444.3$519.7$665.6$656.1 Real Estate0.10.20.3 0.5 Total net sales and revenue$138.5$166.2$444.6$520.0$666.1$656.6 Gross profit$36.5$18.0$112.0$37.9$64.2$13.6 Segment profit (loss) Alternative energy$41.4$16.5$121.8$34.2$63.2$(1.0) Real estate0.0 (0.1)(0.2)(0.4)(0.5) Corporate expense, net(0.8)(0.6)(2.3)(2.0)(3.1)(2.3) Amounts Attributable to REX Common Shareholders Net income (loss) from continuing operations$23.2$9.0$66.8$17.9$33.9$(2.9) Diluted net income (loss) from continuing operations per share$2.84$1.10$8.18$2.18$4.15$(0.35) Net income (loss)$23.3$9.9$67.0$19.2$35.1$(2.3) Diluted net income (loss) per share$2.86$1.21$8.20$2.34$4.29$(0.28) Weighted average diluted shares outstanding8.2 8.3 12 Operating Results $ in millions, except per share data

13. October 31,January 31, 2014 Cash and cash equivalents$ 164.3$ 105.1 Total current assets 191.4 148.8 Property & equipment, net 197.6 202.3 Equity method investments 75.5 71.2 Total Assets$ 470.4$ 427.9 Current portion of long-term debt$ 19.0$ 12.2 Total current liabilities 51.0 32.1 Long term debt 19.6 63.5 Total REX Equity (excludes non-controlling interests)$ 339.4$ 279.3 13 Strong Balance Sheet $ in millions

14.  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 14 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 ~$1.3M (through 10/31/14) 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

15.  Successful alternative energy investor since 1998  Interests in seven ethanol production facilities with annualized sales of ~761 million gallons (TTM)  REX effective ownership interest of annualized TTM gallons sold = ~265 million gallons  Pre-tax ROI’s of 36% - 92% (trailing four years annualized for period ending 10/31/14)  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 $121.8M in YTD Q3 ‘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  Insider ownership of approximately 16%  Strong asset base (at 10/31/14):  Shareholders’ equity $339.4M (~$42.11 per share)  Consolidated cash $164.3M  8.1M shares outstanding 15 REX Summary

16. 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