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REX : NYSE rexamerican

REX : NYSE www.rexamerican.com.

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REX : NYSE rexamerican

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  1. REX: NYSE www.rexamerican.com

  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. Safe Harbor

  3. REX Overview • 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, ~673 million gallons of TTM annualized gallons shipped • REX effective ownership interest of TTM annualized gallons shipped = ~261 million gallons • Pre-tax ROI’s of 41% to 91% (trailing five years annualized for period ending 10/31/17) • Revenues diversified acrossethanol, distillers grains & corn oil • Purchased refined coal facility on August 10, 2017 for ~$12M in cash (excluding transaction costs) • REX owns 95.35% of the facility • ROE-focused asset allocation discipline • Insider ownership approximately 12% • Strong and liquid balance sheet (as of 10/31/17 based on 6.6M shares) • Working Capital of $209.4M or ~$31.75 per share • Shareholder Equity $362.4M or ~$54.93 per share 3

  4. REX Management • Stuart Rose - Founder, Executive Chairman of the Board • Mr. Rose was elected Executive Chairman of the Board in 2015. Mr. Rose had served as Chairman of the Board and Chief Executive Officer since the Company’s incorporation in 1984 as a holding company. Prior to 1984, Mr. Rose was Chairman of the Board and Chief Executive Officer of Rex Radio and Television, Inc., which he founded in 1980 to acquire the stock of a corporation which operated four retail stores. • Zafar Rizvi - Chief Executive Officer • Mr. Rizvi was elected Chief Executive Officer in 2015. Mr. Rizvi has been President and Chief Operating Officer since 2010, was Vice President from 2006 to 2010 and has been President of Farmers Energy Incorporated, our alternative energy investment subsidiary, since 2006. From 1991 to 2006, Mr. Rizvi was our Vice President Loss Prevention. • Douglas Bruggeman - Chief Financial Officer • Mr. Bruggeman has been Vice President Finance & Treasurer since 1989 and was elected Chief Financial Officer in 2003. From 1987 to 1989, Mr. Bruggeman was Manager of Corporate Accounting. Mr. Bruggeman was employed with the accounting firm of Ernst & Young prior to joining us in 1986. 4

  5. REX Ethanol Strategy • Disciplined investment criteria • Invest only if project meets strategic and financial risk and return criteria • Aligned with farmers, farm cooperatives and farming communities as co-investors and owners of ethanol production facilities • Facilitates access to grain supply, local community support • Plants strategically located 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 • Maximize ethanol plant returns • Run plants efficiently to maximize returns • Sell distillers grains as animal feed • Produce and sell corn oil • Paid off all consolidated plant level debt • Reinvest in plants to expand output capacity 5

  6. South Dakota Wisconsin Illinois NUGEN ENERGY, LLC Marion, SD REX OWNERSHIP INTEREST 99.5% TTM GALLONS SHIPPED 131.9 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 131.2 MILLION BIG RIVER RESOURCES BOYCEVILLE, LLC Boyceville, WI REX OWNERSHIP INTEREST 10.3% TTM GALLONS SHIPPED 57.1 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 5.9 MILLION BIG RIVER RESOURCES, GALVA, LLC Galva, IL REX OWNERSHIP INTEREST 10.3% TTM GALLONS SHIPPED 124.6 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 12.8 MILLION Illinois Iowa ONE EARTH ENERGY, LLC Gibson City, IL REX OWNERSHIP INTEREST 75.0% TTM GALLONS SHIPPED 123.6 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 92.7 MILLION Iowa BIG RIVER UNITED ENERGY, LLC Dyersville, IA REX OWNERSHIP INTEREST 5.7% TTM GALLONS SHIPPED 129.4 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 7.4 MILLION BIG RIVER RESOURCES WEST BURLINGTON, LLC West Burlington, IA REX OWNERSHIP INTEREST 10.3% TTM GALLONS SHIPPED 106.8 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 11.0 MILLION REX Corn Belt Ethanol Portfolio REX AMERICAN RESOURCES TTM GALLONS SHIPPED BY PLANTS IN WHICH IT HAS INTERESTS 673.4 MILLION REX’S EFFECTIVE OWNERSHIP OF TTM GALLONS SHIPPED 261.0 MILLION 6 Date as of 10/31/2017

  7. High Return Ethanol Investments 7 • Calculated based upon the weighted average capital invested and pre-tax returns generated over the time period.

  8. Ethanol Industry Considerations • The ethanol industry produced approximately 15.3 billion gallons of ethanol in 2016, thereby reducing U.S. reliance on foreign oil • Helps U.S. balance of trade • Helps U.S. move towards energy independence • ~540 million barrels of imported oil displaced • Approximately 1/3 of corn in ethanol production is returned to feed market in the form of distiller grains, corn gluten meal and corn oil (1) • National benefits • Ethanol production generates higher tax revenues • Ethanol production added ~$42 billion to GDP (1) • Ethanol production grew household income by ~$23 billion( 1) • ~$9 billion paid in federal, state and local taxes (1) • Industry receives no tax subsidies • Farm states are less impacted by challenged economic environment • Ethanol estimated to have supported over 339,000 jobs, including across ancillary industries, from agriculture to manufacturing to the service sector (1) • 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 43.5 million metric tons, the equivalent of taking 9.3 million cars off the road (1) 8 • 1. Sources: Renewable Fuels Associations

  9. Corn: USDA crop production: 2014 (January 2015 report) 14.2 billion bushels (average acre yield of 171.0 bushels) 2015 (January 2016 report) 13.6 billion bushels (average acre yield of 168.4 bushels) (January 2017 report) 15.1 billion bushels (average acre yield of 174.6 bushels) 2017 (October 2017 report) 14.3 billion bushels (average acre yield of 171.8 bushels) Ethanol: Federal EPA ethanol purchasing mandates for conventional renewable fuel(1) : YearStandards 2016 14.5 billion gallons 201715.0 billion gallons 2018 15.0 billion gallons Exports: ~1.05B gallons exported to over 50 countries in 2016 (Renewable Fuels Association) Capacity: (Renewable Fuels Association) YearNameplate 201616.0 BGY (15.6 in operation at January 2017) Expense / Demand / Pricing Drivers 9 • 1. Mandates can be partially met via RINS from prior years toward the current year requirements and/or to carry forward a deficit into the next compliance year.

  10. U.S. Corn Production (1) • 1. Estimated 2017 production: • In Billions of Bushels • Sources: U.S. Department of Agriculture 10

  11. U.S. Ethanol Exports In 2016, the U.S. Exported 1.05 Billion Gallons of Ethanol to Over 50 Countries 2014 2016 2012 2013 2006 2005 2015 2008 2009 2010 2007 2011 • In Millions of Gallons of Ethanol 11 • Source: RFA – Renewable Fuels Association

  12. U.S. Monthly Net Exports Monthly U.S. Ethanol Exports & Imports 12 • Sources: U.S. Department of Commerce, U.S. Census Bureau, Foreign Trade Statistics

  13. U.S. Ethanol Exports Top Markets for U.S. Ethanol Exports 13 • Source: US Dept. of Agriculture - Foreign Agricultural Service

  14. Crush Spread • 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 per Gallon – (Corn Price per Bushel / 2.8) • Crush spread excludes other production, transportation costs, etc. CBOT Crush Spread Trend (cents per gallon) 14

  15. Ethanol & By-Products Sales Mix Revenue Mix TTM 10/31/17 Revenue Mix TTM 10/31/16 Corn Oil $17.2M 3.9% Corn Oil $20.2M 4.4% Other $0.1M 0.0% Other $0.2M 0.0% Distillers Grains $77.9M 17.7% Ethanol $375.6M 80.9% Ethanol $344.1M 78.4% Distillers Grains $68.5M 14.8% Total TTM 10/31/17 Revenue of $464.4M Total TTM 10/31/16 Revenue of $439.2M TTM Sales Mix 15

  16. Operating Results Numbers in millions, except per share data 16

  17. Segment Income Statement Data • Includes results attributable to non-controlling interests of approximately 25% for One Earth and approximately 1% for NuGen. • Includes results attributable to non-controlling interests of approximately 5%. • Refined coal sales are reported net of the cost of coal. • We record our tax provision/benefit based on an estimated annual rate adjusted for items recorded discretely. This estimate was significantly reduced beginning in the third quarter of the current year, as we began operating our recently acquired refined coal facility. This resulted in a disproportionate tax benefit recognized in the third quarter of fiscal year 2017 as the cumulative effect of the reduced annual rate was recorded in the third quarter of fiscal year 2017. 17

  18. Strong Balance Sheet $ in millions 18

  19. REX Share Performance Ten Year REX Share Performance 19

  20. REX Summary • Successful alternative energy investor since 1998 • Interests in six ethanol production facilities with annualized sales of ~673 million gallons (TTM) • REX effective ownership interest of annualized TTM gallons sold = ~261 million gallons • Pre-tax ROI’s of 41% - 91% (trailing five years annualized for period ending 10/31/17) • Industry leading ethanol production skill and plant efficiencies • REX ethanol operations are among best performing plants • Net income of $32.3M in year ended 1/31/17 • Net income of $20.7M for the nine months ended 10/31/17 • Growth opportunities in ethanol and other industrial sectors • August 2017 refined coal facility purchase • Invest in ethanol plants or industrial projects requiring similar skill set • Proven management team with asset allocation discipline • Insider ownership of approximately 12% • Strong asset base (as of 10/31/17): • Shareholders’ equity $362.4M (~$54.93 per share) • Consolidated cash $190.5M • Return-focused capital allocation/return of capital policies • Paid off ~$155 million of debt at consolidated plants between 2009 and 2014 • Repurchased 4.1 million shares of common stock for $136 million since February 2010 • Invested ~$49 million since 2015 – expand output capacity at consolidated plants 20

  21. Doug Bruggeman Joseph Jaffoni, Norberto Aja REX JCIR Chief Financial Officer 212/835-8500 937/276‑3931 rex@jcir.com One Earth Energy, LLCGibson City, IL

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