REX: NYSE Stuart Rose, Executive Chairman Doug Bruggeman, CFO June 2015

REX: NYSE www.rexamerican.com

Stuart Rose, Executive ChairmanDoug Bruggeman, CFO

June 2015

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

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

Ownership in six ethanol production facilities

In aggregate, 631.7 million gallons of TTM annualized gallons shipped

REX effective ownership interest of TTM annualized gallons shipped = 230.8 million gallons

Pre-tax ROI’s of 38% to 83% (trailing four years annualized for period ending 4/30/15)

Revenues diversified across ethanol, distillers grains & corn oil

ROE-focused asset allocation discipline

Insider ownership approximately 16%

Strong and liquid balance sheet (as of 4/30/15 based on 7.9M shares)

Working Capital of $167.2M or >$21 per share

Carrying value of seven ethanol plants of $309.4M or ~$39 per shares

Shareholder Equity $353.9M or > $44 per share

REX Overview

3

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

REX Corn Belt Ethanol Portfolio

5

IllinoisONE EARTH ENERGY, LLC

Gibson City, IL

REX OWNERSHIP INTEREST74%

TTM GALLONS SHIPPED110.4 MILLION

REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED

81.9 MILLION

IllinoisBIG RIVER RESOURCES, GALVA, LLC

Galva, IL




11.3 MILLION

South DakotaNUGEN ENERGY, LLC

Marion, SD




115.5 MILLION

IowaBIG RIVER RESOURCES WEST BURLINGTON, LLC

West Burlington, IA




10.5 MILLION

IowaBIG RIVER UNITED ENERGY, LLC

Dyersville, IA




6.0 MILLION

WisconsinBIG RIVER RESOURCES BOYCEVILLE, LLC

Boyceville, WI




5.6 MILLION

REX AMERICAN RESOURCESTTM GALLONS SHIPPED BY PLANTS IN WHICH IT HAS INTERESTS

631.7 MILLION

REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED230.8 MILLION

Figures as of 4/30/15

6

Plant Investment Timeline

REX Total Investment

Cumulative Earnings (4/30/15)

REX TrailingFour Year Annualized

ROI (4/30/15)*

One Earth Oct. ’07Production July ’09 $51M $103M 38%

NuGen June ‘10 ($12.3M)Nov. ’11 ($19.7M)

$32M $113M 83%

Patriot Dec. ’06 ($16.0M)Jan. ‘12 ($1.9M)Production Sept. ‘08

$18M $35M 38%

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

July ‘07 ($10.0M)Sept. ‘09 ($0.03M)

$20M $48M 42%

Total $121M $299M

High Return Ethanol Investments

* Calculated based upon the weighted average capital invested and pre-tax returns generated over the time period.

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

Corn USDA crop production:

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) :

Year Target (2)

2014 13.25 billion gallons2015 13.40 billion gallons2016 14.00 billion gallons

Exports ~ 825M gallons exported to 51 countries in 2014 (Renewable Fuels Association)

Capacity Year Nameplate

2014 15.1 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

81 Mandates can be partially met via available RINS from prior years toward the current year requirements and/or to carry forward a deficit into the next compliance year.2 As proposed by the EPA in May 2015 and expected to be finalized later in 2015.

Ethanol Demand Forecast

9

Global Ethanol Demand Forecasted to Increase to 35 Billion Gallons by 2022

Sources: Credit Suisse

REX Sales Mix

10

Revenue Mix TTM 4/30/15 Revenue Mix TTM 4/30/14

Ethanol$487.3M

75.8%

Ethanol$412.3M

79.1%

Syrup$0.4M0.01%

Corn Oil$18.2M

2.8%

Corn Oil$17.0M

3.3%

Total TTM 4/30/15 Revenue of $521.2M Total TTM 4/30/14 Revenue of $643.1M

TTM 4/30/15 TTM 4/30/14Ethanol $412,297,732 79.1% $487,279,916 75.8%Distillers Grains 91,519,172 17.6% 137,066,827 21.3%Corn Oil 17,014,050 3.3% 18,172,665 2.9%Syrup 381,575 0.1% 608,088 0.1%

TOTAL $521,212,529 100% $643,127,496 100%

TTM Sales Mix

Distillers Grains$91.5M17.6%

Distillers Grains$137.1M

21.3%

Syrup$0.6M0.1%

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)

Jan-

14

Feb-

14

Mar

-14

Apr

-14

May

-14

Jun-

14

Jul-1

4

Aug

-14

Sep-

14

Oct

-14

Nov

-14

Dec

-14

Jan-

15

Feb-

15

Mar

-15

Apr

-15

May

-15

Jun-

15

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1

Three MonthsEnded April 30,

Twelve MonthsEnded Jan. 31,

2015 2014 2015 2014

Total net sales and revenue $105.2 $155.9 $572.2 $666.0

Gross profit $9.1 $36.6 $141.9 $64.3

Net income attributable to REX Common Shareholders $3.9 $21.7 $87.3 $35.1

Diluted net income per share from continuing operations $0.50 $2.67 $10.69 $4.16

Diluted net income per share $0.50 $2.67 $10.76 $4.29

Weighted average diluted shares outstanding 7.9 8.1 8.1 8.2

12

Operating Results

$ in millions, except per share data

April 30, January 31,2015 2015

Cash and cash equivalents $ 141.9 $ 137.7Total current assets 180.7 175.7Property & equipment, net 190.3 194.4Equity method investments 78.2 80.4Total Assets $ 455.4 $ 456.9

Total current liabilities 13.5 19.6Deferred taxes (long –term) 42.8 42.8Total REX Equity (excludes non-controlling interests) $ 353.9 $ 350.0

13

Strong Balance Sheet

$ in millions

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 ~$1.5M (through 4/30/15) 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

Successful alternative energy investor since 1998 Interests in six ethanol production facilities with annualized sales of ~631.7 million gallons (TTM)

REX effective ownership interest of annualized TTM gallons sold = ~230.8 million gallons Pre-tax ROI’s of 38% - 83% (trailing four years annualized for period ending 4/30/15)

Industry leading ethanol production skill and plant efficiencies REX ethanol operations are among best performing plants Net income of $87.3M in FY’14 and $3.9M in Q1 ‘15

Growth opportunities in ethanol and other industrial sectors 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 4/30/15): Shareholders’ equity $353.9M (~$44.80 per share) Consolidated cash $141.9M

7.9 million shares outstanding as of 4/30/15

15

REX Summary

One Earth Energy, LLCGibson City, IL

Doug Bruggeman Joseph Jaffoni, Norberto AjaREX JCIRChief Financial Officer (212) 835-8500(937) 276 3931‑ [email protected]

Documents

REX: NYSE Stuart Rose, Executive Chairman Doug Bruggeman, CFO June 2015