Stuart Rose, CEO Doug Bruggeman, CFO September 2013 REX: NYSE

Stuart Rose, CEODoug Bruggeman, CFO

September 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.

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

Ethanol investments initiated in 2006 $24M profit in FY’07 on $14M early ethanol investment Alternative energy represented 99.8% of revenue and 84.7% of assets (7/31/13)

Ownership in seven ethanol production facilities In aggregate, 706.3 million gallons of TTM annualized gallons shipped by seven plants REX effective ownership interest of TTM annualized gallons shipped = 256.4 million gallons Pre-tax ROI’s of 21% - 31% (trailing three year annualized) Revenues from ethanol, distillers grains & corn oil

Strong, liquid balance sheet (as of 7/31/13) (based on 8.2M diluted shares) Unrestricted cash $47.6M ~ $ 5.80 / share Net book value of retail real estate $12.4M ~ $ 1.51 / share Carrying value of ownership in seven plants $205.7M ~ $25.08 / share REX shareholders’ book value $255.7M ~$31.18 / 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

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 is large, respected U.S. green energy design-builder

Seek to match grain prices with ethanol and DDG 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 Sale of dried (and wet) distillers grains (DDGs) as animal feed Production of corn oil

REX Ethanol Strategy

4

REX Ethanol Portfolio

5

Illinois

ONE EARTH ENERGY, LLCGibson City, IL

REX OWNERSHIP INTEREST74%

TTM GALLONS SHIPPED112.3 MILLION

REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED

83.2 MILLION

Illinois

PATRIOT HOLDINGS, LLCAnnawan, IL




31.4 MILLION

Illinois

BIG RIVER RESOURCES, GALVA, LLC

Galva, IL




10.1 MILLION

South Dakota

NUGEN ENERGY, LLCMarion, SD



REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED111.6 MILLION

Iowa

BIG RIVER RESOURCES WEST BURLINGTON, LLCWest Burlington, IA




9.5 MILLION

Iowa

BIG RIVER UNITED ENERGY, LLCDyersville, IA




5.2 MILLION

Wisconsin

BIG RIVER RESOURCES BOYCEVILLE, LLCBoyceville, WI




5.4 MILLION

REX AMERICAN RESOURCES

TTM GALLONS SHIPPED BY PLANTS IN WHICH IT HAS INTERESTS706.3 MILLION

REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED256.4 MILLION

Figures as of 7/31/13

6

Plant Investment Timeline REX Total Investment

Cumulative Earnings (July 2013)

REX TrailingThree Year

Annualized ROI(1/31/13)*

One Earth (1) Oct. ’07 $51M $44M 23%

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

$32M $23M 31%

Patriot (2) Dec. ’06 ($16.0M)Jan. ‘12 ($1.9M)

$18M $15M 22%

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

July ‘07 ($10.0M)Sept. ‘09 ($0.03M)

$20M $23M 21%

Total $121M $105M

High Return Ethanol Investments

* Calculated based upon the weighted average capital invested and pre-tax returns generated over the time period1 Production commenced in July ’092 Production commenced in Sept. ‘08

Ethanol Industry Considerations

7

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

Corn USDA Crop Production Forecast:

September 2013 13.8 billion bushels(average acre yield of 155.3 bushels)

November 2012 10.7 billion bushels(average acre yield of 122.3 bushels)

Ethanol Federal EPA ethanol purchasing mandates(1) :

Year Target 2013 13.8 BGY2014 14.4 BGY (2)

2015 & beyond 15.0 BGY (2)

Efficient plants expected to operate near capacity levelsYear Capacity

2013 14.8 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

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 Subject to EPA review.

REX TTM Sales Mix

9

Distiller Grains$160.3 mm

22.7%Corn Oil$7.2 mm

1.3%

Distiller Grains$107.5 mm

19.3%

Revenue Mix TTM 7/31/13 Revenue Mix TTM 7/31/12

Ethanol$441.9

mm79.2%

Ethanol$526.2

mm74.5%

Syrup$1.9 mm

0.3%

Syrup$1.1 mm

0.2%

Corn Oil$18.0 mm

2.5%

Total TTM 7/31/13 Revenue of $706.3 mm Total TTM 7/31/13 Revenue of $557.7 mm

TTM Sales MixTTM 7/31/13 TTM 7/31/12

Ethanol $526,187,131 74.5% $441,880,208 79.2%Distiller Grains 160,279,650 22.7% 107,472,874 19.3%Corn Oil 17,961,163 2.5% 7,222,448 1.3%Syrup 1,910,333 0.3% 1,088,969 0.2%

TOTAL 706,338,277 100.0% 557,664,499 100.0%

$ in millions, except per share dataThree MonthsEnded July 31,

Six MonthsEnded July 31,

2013 2012 2013 2012

Alternative Energy $175.3 $152.8 $353.6 $303.4Real Estate 0.4 0.4 0.9 0.7Total net sales and revenue $175.7 $153.2 $354.5 $304.2

Gross profit $11.0 $7.0 $20.1 $12.5

Segment profit (loss)Alternative energy $11.1 $2.4 $17.7 $4.9Real estate 0.1 (0.1) 0.1 (0.2)Corporate expense (0.7) (0.6) (1.4) (1.1)

Amounts Attributable to REX Common ShareholdersNet income from continuing operations $5.8 $0.7 $9.1 $1.5Diluted net income from continuing operations per share $0.71 $0.08 $1.11 $0.17

Net income $5.8 $0.8 $9.3 $1.7Diluted net income per share $0.71 $0.10 $1.14 $0.21

Weighted average diluted shares outstanding 8.2 8.4 8.2 8.4

10

Operating Results

$ in millions July 31, Janaury 31,2013 2013

Cash and cash equivalents $68.8 $69.1Total current assets 123.3 114.9Property & equipment, net 214.5 223.2Equity method investments 65.9 60.0Total Assets $408.7 $405.3

Current debt $16.8 $15.6Total current liabilities 34.9 31.5Long term debt – non recourse (ethanol) 81.3 90.9Long term debt – recourse (real estate) 0.2 0.4Total REX Equity (excludes non-controlling interests) $255.7 $246.4

11

Strong Balance Sheet

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 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 Repurchased 46,423 shares in 1H FY’13 at an average price of $18.45 370,598 shares remaining under current repurchase authorization

8.2 million common shares outstanding

12

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

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 ~$375,000 (through 7/31/13) 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

Successful alternative energy investor since 1998 Interests in seven ethanol production facilities with annualized sales of ~706 million gallons (TTM)

REX effective ownership interest of annualized TTM gallons sold = ~256 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 $17.7M in 1H FY’13 vs. $4.9M in 1H FY’12

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 34%

Strong asset base (at 7/31/13): Shareholders’ equity $255.7M (~$31.18 share) Consolidated cash $68.8M Real estate value $12.4M

8.2M diluted shares outstanding

14

REX Summary

One Earth Energy, LLCGibson City, IL

Documents

Stuart Rose, CEO Doug Bruggeman, CFO September 2013 REX: NYSE