One Earth Energy, LLCGibson City, IL

Stuart Rose, Chairman & CEO Doug Bruggeman, CFO

June 2013

REX: NYSE www.rexamerican.com

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.

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Safe Harbor

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 99.8% of revenue and 84.1% of assets (4/30/13)

Ownership in seven ethanol production facilities In aggregate, 691.3 million gallons of TTM annualized gallons shipped by seven plants REX effective ownership interest of TTM annualized gallons shipped = 254.9 million gallons Revenues from ethanol, distillers grains & corn oil

Strong, liquid balance sheet (as of 4/30/13) (based on 8.2M diluted shares) Unrestricted cash $48.4M ~ $ 5.90/share Net book value of retail real estate $12.3M ~ $ 1.50/share Carrying value of ownership in seven plants $195.0M ~ $23.78/share REX shareholders’ book value $249.9M ~$30.47/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 34%

REX Overview

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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 most plants Forward grain purchases and ethanol sales contracts generally two month duration 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

REX Ethanol Strategy

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REX Ethanol Portfolio

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Entity/Location Plant TTM Gallons Shipped (millions) 1

Current REX Ownership

Interest

REX’s Current Effective Ownership

of TTM Gallons Shipped (millions) 1

One Earth Energy, LLCGibson City, IL 112.1 74% 83.0

NuGen Energy, LLCMarion, SD 111.7 99% 110.6

Patriot Holdings, LLCAnnawan, IL 116.1 27% 31.3

Big River Resources West Burlington, LLCWest Burlington, IA 93.7 10% 9.4

Big River Resources Galva, LLCGalva, IL 99.7 10% 10.0

Big River United Energy, LLCDyersville, IA 102.8 5% 5.1

Big River Resources Boyceville, LLCBoyceville, WI 55.2 10% 5.5

Total 691.3 n/a 254.9

1Figures as of 4/30/13

Jan-2010A Jan-2011A Jan-2012A Jan-2013A0

50

100

150

200

250

300

135.9

177.8

205.8

255

REX Ethanol Ownership Growth

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Rex Ethanol Ownership(in millions of gallons)

May-09: Big River Galva

commenced operation

Aug-09: Big River United (Dyersville)

interest added

Jul-10: REX acquired 48%

stake in Nugen

Nov-11: REX acquired 50%

stake in Nugen

Dec-11: Big River Boyceville interest

added

Jan-12: REX increased stake in Patriot by 3%;

total ownershipnow 27%

2012

20112010

2009

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Plant Investment Timeline REX Total Investment

Cumulative Earnings

REX TrailingThree Year

Annualized ROI(1/31/13)*

One Earth Oct. ’07 $51M $41M 23%

NuGen June ‘10 ($12.3M)Nov. ’11 ($19.7M) $32M $19M 31%

Patriot Dec. ’06 ($16.0M) Jan. ‘12 ($1.9M)

$18M $13M 22%

Big River Oct. ’06 ($5.0M) Jan. ‘07 ($5.0M)

July ‘07 ($10.0M) Sept. ‘09 ($0.03M)

$20M $21M 21%

Total $121M $94M

High Return Ethanol Investments

* Calculated based upon the weighted average capital invested and returns generated over the time period

Ethanol Industry Considerations

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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

Ethanol Federal EPA ethanol purchasing mandates continue to rise (1) :

Year Target 2013 13.8 BGY2014 14.4 BGY2015 & beyond 15.0 BGY

Industry Nameplate Capacity Efficient plants expected to operate near capacity levels

Year Capacity 2013 14.8 BGY

Distillers Grains Rising corn prices have driven DDG pricing increases, helping

offset impact on crush spreads

Corn Oil Installed at REX’s two consolidated plants in Q1 FY’12 Two plants generated $17.7M of total revenues for TTM

Demand/Pricing Drivers

91Mandates 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.

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.

Dried distillers grains (DDGs) pricing supplements and, at times, offsets weaker crush spreads REX’s average realized DDG prices per quarter are reflected on green line below

Calculated using CBOT monthly average prices10

Crush Spread & DDG Pricing

Feb-10Apr-10

Jun-10Aug-10

Oct-10Dec-10

Feb-11Apr-11

Jun-11Aug-11

Oct-11Dec-11

Feb-12Apr-12

Jun-12Aug-12

Oct-12Dec-12

Feb-13Apr-13

(50)(25)

0 25 50 75

100 125 150 175 200 225 250 275 300

109 121 113 119 149

183 193 203 200 198 217

268 264 265

44 31 34 23 (1) 2

24 33

(8) 0 (27) (27) (13)

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Crush Spread Trend (cents per gallon)

$ in millions, except per share data Three MonthsEnded April 30,

Twelve Months Ended January 31,

2013 2012 2013 2012

Alternative Energy $178.3 $150.7 $656.2 $408.6Real Estate 0.4 0.3 1.6 1.3Total net sales and revenue $178.7 $151.0 $657.7 $409.9

Gross profit $9.1 $5.5 $13.5 $34.0

Segment profit (loss)Alternative energy $6.6 $2.5 $(1.0) $48.6Real estate - (0.1) (0.5) (1.4)Corporate expense (0.7) (0.5) (2.3) (2.3)Income from synthetic fuel partnership - - - 2.9Interest income, net - 0.01 0.02 0.23

Amounts Attributable to REX Common ShareholdersNet income (loss) from continuing operations $3.3 $0.8 $(2.9) $26.6Diluted net income (loss) from continuing operations per share $0.40 $0.09 $(0.35) $2.90

Net income (loss) $3.5 $0.9 $(2.3) $28.3Diluted net income (loss) per share $0.43 $0.11 $(0.28) $3.08

Weighted average diluted shares outstanding 8.2 8.4 8.3 9.2

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Operating Results

$ in millions April 30, Janaury 31,2013 2013

Cash and cash equivalents $73.8 $69.1

Total current assets 120.0 114.9

Property & equipment, net 218.8 223.2

Equity method investments 61.3 60.0

Total Assets $406.6 $405.3

Current debt $15.6 $15.6

Total current liabilities 33.3 31.5

Long term debt – non recourse (ethanol) 86.8 90.9

Long term debt – recourse (real estate) 0.3 0.4

Total REX Equity (excludes non-controlling interests) $249.9 $246.4

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Strong Balance Sheet

Ethanol plants and other industrial investments 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 years at average price of $16.86 ~4.3M shares repurchased over the last five years at average price of $13.72

Repurchased 245,434 shares in FY’12 at average price of $17.82 and 30,859 in Q1 FY’13 at an average price of $18.28

370,598 shares remaining under expanded repurchase authorization approved August 2012

8.2 million common shares outstanding

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Capital Allocation Priorities

FY'08 FY'09 FY'10 FY'11 FY'12 $-

$5

$10

$15

$20

$25

$30

$35

$23.51 $25.82 $24.93

$30.06 $30.04

$10.82 $10.82

$15.99 $17.02 $17.82

Growth in Book Value Per Share vs.Annual Average Price of Shares Repurchase

Successful alternative energy investor since 1998 Interests in seven ethanol production facilities with annualized sales of ~691 million gallons (TTM)

REX effective ownership interest of annualized TTM gallons sold = ~255 million gallons

Industry leading ethanol production skill and plant efficiencies REX ethanol operations are among best performing plants Alternative energy segment profit of $6.6M in Q1 FY’13 vs. $2.5M in Q1 FY’12

Growth opportunities in ethanol and other industrial sectors 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 34%

Strong asset base (at 4/30/13): Shareholders’ equity $249.9M (~$30.47 share) Consolidated cash $73.8M Real estate value $12.3M

8.2M diluted shares outstanding

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REX Summary

One Earth Energy, LLCGibson City, IL