REX NYSE www rexamerican com One Earth Energy

REX: NYSE www. rexamerican. com One Earth Energy, LLC Gibson City, IL Stuart Rose, Chairman & CEO Doug Bruggeman, CFO October 2011

Safe Harbor This presentation contains forward-looking statements within the meaning of Section 27 A of the Securities Act of 1933 and Section 21 E 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 forwardlooking statements. These risks and uncertainties are described in our filings with the Securities and Exchange Commission. 2

REX Overview § Successful alternative energy investor since 1998 § Synfuel investments of $6 M yielded ~$178 M return over 10 years § Discontinued legacy retail operations in FY ’ 09 to focus on alternative energy § Ethanol investments initiated in 2006 § $24 M profit in FY’ 07 on $14 M early ethanol investment § Alternative energy now represents 99% of revenue and 68% of assets § Ownership in six operating ethanol production facilities representing § 169. 2 M gallons of annual operating nameplate production § Revenues from ethanol, distillers grain & corn oil § Strong, liquid balance sheet (as of 7/31/11) (based on 9. 6 M diluted shares) § § Unrestricted cash of Net book value of retail real estate Net deferred tax assets Carrying value of ownership in six plants $84. 2 M $18. 7 M $ 8. 8 M $140. 2 M ~ $ 8. 80/share ~ $ 1. 96/share ~ $ 0. 92/share ~ $14. 68/share § REX shareholders’ book value $249. 7 M ~$26. 25/share § ROE-focused asset allocation discipline § 11. 2% average ROE since 1993 (despite low returns on high cash balances) § Ongoing share repurchase program § Insider ownership approximately 30% 3

Alternative Energy Investments § Entered alternative energy sector FY ‘ 98 investing in two synthetic fuel LP’s § Earned federal income tax credits based on the tonnage and content of solid synthetic fuel produced and sold to unrelated parties § Sold interests in both partnerships and received quarterly income subject to production levels and phase-outs through calendar 2007 § Purchased 3 rd synthetic fuel facility in FY ‘ 02; was sold in FY ’ 04 § § Synfuel partnership performance - FY ’ 98 - FY ’ 11 Total investment income ~$130 M from sale of partnership interests Allocated income tax credits of ~$48 M Plus $2. 9 M in income received in Q 2 ‘ 11 from plant sold in 2006 § Entered ethanol sector FY ’ 06 and today REX has: § Investments in six operating ethanol production facilities § Ownership of ~169. 2 mgy of nameplate ethanol production § Includes 48% interest in 100 mgy Nu. Gen Energy facility acquired 7/10 § Wrote off Levelland-Hockley plant at 1/31/11; halted operations Jan 2011 4

REX Ethanol Portfolio at 7/31/11 Entity/Location Nameplate REX Non-Recourse Capacity Carrying Plant Debt (3) (mgy) Value (millions) % Ownership (millions) RSC Capacity Owned (mgy) One Earth Energy, LLC Gibson City, IL 100 $65. 7 $74. 3 74% 74. 0 Nu. Gen Energy, LLC Marion, SD 100 $20. 1 $83. 4 48% 48. 0 100 $23. 1 $63. 5 23% 23. 0 10% 9. 2 10% 10. 0 5% 5. 0 n/a 169. 2 $43. 3 49% 19. 6 Patriot Renewable Fuels, LLC Annawan, IL Big River Resources, LLC West Burlington, IA (1) 92 Big River Resources Galva, IL (1) 100 Big River United Energy Dyersville, IA (1) 100 TOTAL 592 Levelland Hockley County Ethanol, LLC(2) Hockley County, TX 40 $31. 3 $140. 2 $0. 00 $150. 0 (1)REX owns a 10% interest in Big River which owns 100% of West Burlington & Galva & 50. 5% of Dyersville plants. (2)Wrote off entire investment of $18. 4 M in Levelland Hockley at end of FY ’ 10; LHCE ceased production January 2011. (3) Plant debt figures are as of 6/30/11 5

REX Ethanol Strategy § Disciplined investment criteria § Invest only if project meets strategic and financial risk and return criteria § Align with farmers, farm cooperatives and farming communities as investors and owners of ethanol production facilities § Facilitates access to grain supply, local community support co- § 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. and/or ICM, Inc. § Fagen is large, respected U. S. green energy design-builder § ICM engineers, builds, and supports renewable fuel bio-refineries § ICM process technology produces ~6. 6 billion gallons of ethanol § 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 grain (DDG) as animal feed § Adding corn oil production capabilities 6

Demand/Pricing Drivers Ethanol § Federal EPA ethanol purchasing mandates continue to rise, requiring refiners to purchase more ethanol each year: Year 2011 2012 2013 2014 2015 & beyond Target 12. 6 BGY 13. 2 BGY 13. 8 BGY 14. 4 BGY 15. 0 BGY § $0. 45 per gallon VEETC (blender’s credit) expires Dec. 31, 2011 Distillers Grain § Rising corn prices have driven DDG pricing increases, helping offset impact on crush spreads 7

Crush Spread & DDG Pricing § 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 grain (DDG) pricing has offset weaker crush spreads § REX’s average realized DDG prices per quarter are reflected on green line below. 70 Crush Spread Trend (cents per gallon) 60 $149 50 51 $121 62 $101 40 $193 $183 56 30 $113 24 17 $109 46 23 34 26 44 29 20 31 34 21 9 25 4 (1) 2 6 9 (4) 28 10 Oct-09 44 $119 Feb-10 Jun-10 Oct-10 Feb-11 Jun-11 (10) Calculated using CBOT monthly average prices 8

Six Months Operating Results $ in millions, except per share data Six Months Ended 7/31/11 7/31/10 $154. 4 0. 7 $155. 1 $135. 8 0. 5 $136. 3 $4. 4 $13. 4 $10. 5 (1. 4) (1. 2) 2. 9 0. 1 $10. 7 (0. 5) (1. 5) -0. 1 Income from continuing operations including non-controlling interests $6. 6 $5. 6 Net income from continuing operations per share $6. 0 $0. 63 $4. 4 $0. 44 Net income Diluted net income per share $7. 0 $0. 73 $5. 4 $0. 54 Net sales and revenue: Alternative energy (1) Real estate Total net sales and revenue Gross profit Segment profit (loss): Alternative energy (1) Real estate Corporate expense Income from synthetic fuel partnership Interest income, net Weighted average diluted shares outstanding 9. 6 10. 0 (1) 7/31/10 period includes results attributable to non-controlling interest of Levelland Hockley (44%) and One Earth Energy (26%) and 7/31/11 period includes results attributable to non-controlling interest in One Earth Energy (26%). 9

Strong Balance Sheet $ in millions 7/31/11 1/31/11 $ 96. 4 $ 91. 0 121. 2 125. 8 163. 1 169. 8 8. 8 11. 0 74. 5 67. 3 1. 6 $370. 2 $375. 7 $ 11. 0 $ 10. 0 24. 6 Deferred Income 4. 0 6. 4 Long Term Debt - Non Recourse 63. 7 69. 0 1. 2 1. 9 $249. 7 $244. 9 Cash and Cash Equivalents Total Current Assets Property & Equipment, net Deferred Taxes, net Equity Method Investments Other Investments and Deposits Total Assets Current Debt Total Current Liabilities Long Term Debt - Recourse Total REX Equity (excludes non-controlling interests) 10

Real Estate Assets § Previously built and operated 260 -store consumer electronics chain § Discontinued retail operations in FY ’ 09 § Retail service contract deferred income recognized in discontinued operations § Monetized real estate as industry dynamics challenged retail operations § Reduced store count using disciplined financial criteria for each location § Sold 86 company-owned sites in 2007 for $74. 5 M in cash § Real estate holdings as of 7/31/11: § Carrying value $18. 7 M, net of $1. 2 M of debt § 27 owned store locations & 1 distribution center § Divesting real estate on an opportunistic basis § No urgency to exit at lower valuations given strong cash position 11

Capital Allocation Priorities § Ethanol plants and other industrial investments § Share repurchases below book value § 3. 7 M shares repurchased last three years + YTD; $13. 04 avg. price § Repurchased 939, 801 shares YTD; $16. 71 avg. price § New 500, 000 share repurchase authorization announced Oct. 20, 2011 12

REX Summary § Successful alternative energy investor since 1998 § Interests in six operating ethanol production facilities § 169. 2 M gals of production capacity/year § Alternative energy segment profit of $13. 4 M in FY ’ 10 and $10. 5 M in 1 H FY ’ 11 § Industry leading ethanol production skill and plant efficiencies § REX ethanol operations are among best performing plants § 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 § 11. 2% average ROE since 1993, despite low returns on high cash balances § Long-term program of share repurchases below book value § Insider ownership of ~30% § Strong asset base (at 7/31/11): § Shareholders‘ equity $249. 7 M (~$26. 15 share) § Unrestricted cash $84. 2 M § Net real estate value $18. 7 M § Net deferred tax asset $ 8. 8 M § 9. 6 M diluted shares outstanding at 7/31/11 § 8. 7 M basic shares out at 10/20/11 13

REX AMERICAN RESOURCES CORPORATION REX: NYSE www. rexamerican. com Review of REX American’s Investments in Operating Ethanol Plants Investor Relations Contacts: Joseph Jaffoni/David Collins Jaffoni & Collins Incorporated 212/835 -8500 or rex@jcir. com 14

One Earth Energy, LLC Summary § REX has a 74% ownership interest in One Earth § Operates dry mill corn-processing ethanol plant in Gibson City, IL § 100 mgy ethanol capacity; 320, 000 tons of dried distiller grains § Plant capital costs: ~$153. 5 M § 10/07: REX funded $50. 8 M to secure a 74% ownership § 7/09: Plant commenced operation § Fagen and ICM construction, process design and engineering § Strong partners, location and corn supply § Alliance Grain and Cooperative is a farmer-owned elevator system established in 1991 located directly in front of the ethanol plant § Five operational elevators near the plant all of which are rail load-out accessible via Alliances Bloomer Line Rail Company, offering transportation savings for corn and feed § Two major rail services available: Canadian National and Norfolk Southern § ~54 M bushels of grain can be stored at three of the nearest elevator locations § ~200 M bushels of corn are produced annually in surrounding counties § REX has received dividends of $5. 1 M through 7/31/11 15

Nu. Gen Energy, LLC Summary § REX has a 48% ownership interest in Nu. Gen Energy, LLC § Acquired effective 6/30/10 § Operates dry mill corn processing ethanol plant in Marion, SD § In partnership with Central Farmers Cooperative, LLC, one of the largest and most successful grain and corn procurement entities and grain terminals in the region. § REX previously owned 33. 9% interest in plant acquired for $14 M § REX sold its interests in the plant in 2007 to U. S. Bio. Energy for ~$24 M profit § 100 mgy ethanol capacity; and 320, 000 tons of dried distiller grains § Plant commenced construction October 2006; commenced production Feb. 2008 § 6/30/10: REX re-acquired 48% interest for $9. 2 M and commitment to pay up to an additional $6. 5 M based on future profitability § $3. 1 M received and funded through July 31, 2011 § Fagen and ICM construction, design and engineering § REX has received dividends of $3. 1 M through 7/31/11 16

Patriot Renewable Fuels, LLC Summary § REX has a 23% ownership interest in Patriot § Operates dry mill corn-processing ethanol plant in Annawan, Illinois § 100 mgy ethanol capacity; 320, 000 tons of dried distiller grains § Capital costs: ~ $155 M § 12/06: Acquired 23% of Patriot for $16. 0 M § 9/08: Plant commenced operation § Fagen and ICM construction, process design and engineering § Located near rail access in heart of Illinois corn production § Access to ample grain supplies at competitive prices § REX has received dividends of $1. 6 M through 7/31/11 17

Big River Resources, LLC Summary § Big River was formed to develop/acquire ethanol facilities § Owns 5 elevators with ~10 M bushels of grain storage § REX acquired 10% ownership in Big River for $20 M § Big River Facilities: § 92 mgy plant in West Burlington, IA § Commenced operation in 2004 (REX interest is 10%) § 100 mgy plant in Galva, IL § Commenced operation 5/09 (REX interest is 10%) § 50. 5% stake in 100 mgy plant in Dyersville, IA § Acquired 8/09 (REX interest is 5%) § All plants Fagen/ICM construction, process design and engineering § All plants in close proximity to rail and highway transportation § REX has received dividends of $4. 7 M through 7/31/11 18

REX: NYSE rexamerican. com One Earth Energy, LLC Gibson City, IL Stuart Rose, Chairman & CEO Doug Bruggeman, CFO October 2011