REX: NYSE

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REX NYSE www.rexamerican.com
Stuart Rose, CEO Doug Bruggeman, CFO September
2014
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Safe Harbor

• 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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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 FY09 to
  focus on alternative energy
• Ethanol investments initiated in 2006
• 24M profit in FY07 on 14M early ethanol
  investment
• Alternative energy represented 99.9 of revenue
  and 88.2 of assets
• Ownership in seven ethanol production facilities
• In aggregate, 752.2 million gallons of TTM
  annualized gallons shipped
• REX effective ownership interest of TTM
  annualized gallons shipped 262.2 million
  gallons
• Pre-tax ROIs of 25 - 52 (trailing four fiscal
  years annualized)
• Revenues diversified across ethanol, distillers
  grains corn oil
• Strong, liquid balance sheet (as of 7/31/14)
  (based on 8.2M diluted shares)
• Unrestricted cash 50.4M 6.16 / share
• Net book value of retail real estate 4.1M
  0.50 / share
• Carrying value of ownership in seven
  plants 301.6M 36.86 / share
• REX shareholders book value 324.4M 39.56 /
  share
• ROE-focused asset allocation discipline
• Insider ownership approximately 16

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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 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
  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
• Ongoing reduction of plant level debt

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REX Corn Belt Ethanol Portfolio
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Figures as of 7/31/14
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High Return Ethanol Investments
Plant Investment Timeline REX Total Investment Cumulative Earnings (7/31/14) REX Trailing Four Year Annualized ROI (1/31/14)
One Earth (1) Oct. 07 51M 76M 25
NuGen June 10 (12.3M) Nov. 11 (19.7M) 32M 85M 52
Patriot (2) Dec. 06 (16.0M) Jan. 12 (1.9M) 18M 26M 28
Big River Oct. 06 (5.0M) Jan. 07 (5.0M) July 07 (10.0M) Sept. 09 (0.03M) 20M 39M 27
Total 121M 226M
Calculated based upon the weighted average
capital invested and pre-tax returns generated
over the time period 1 Production commenced in
July 09 2 Production commenced in Sept. 08
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Ethanol Industry Considerations

• The ethanol industry produced approximately 13.3
  billion gallons of
• ethanol in 2013, thereby reducing U.S.
  reliance on foreign oil
• Helps U.S. balance of trade
• Helps U.S. move towards energy independence
• Over 462 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
• Land transitioned away from land bank
• Ethanol production generates higher tax revenues
• Ethanol production added over 44 billion to GDP
  
• Ethanol production increased household income by
  31 billion
• Industry receives no tax subsidies
• Farm states are less impacted by challenged
  economic environment
• Ethanol estimated to have supported over 387,000
  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 13.3 billion gallons of ethanol
  reduced GHG emissions by 38 million metric tons,
  the equivalent of taking 8 million cars off the
  road
• 8.3 billion paid in federal, state and local
  taxes

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Sources Renewable Fuels Associations
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Expense / Demand / Pricing Drivers

• Corn
• USDA Crop Production Forecast
• 2014 (September 2014 report) 14.4 billion bushels
• (average acre yield of 171.7 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
• 2013 13.8 BGY
• 2014 13.0 BGY(2)
• Efficient plants expected to operate near
  capacity levels
• Year Capacity

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
Proposed not final EPA number.
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Ethanol Demand Forecast
Global Ethanol Demand Forecasted to Increase to
35 Billion Gallons by 2022
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Sources Credit Suisse
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REX TTM Sales Mix
Revenue Mix TTM 7/31/14
Revenue Mix TTM 7/31/13
Corn Oil 18.0M 2.5
Corn Oil 18.3M 3.0
Distillers Grains 126.2M 20.4
Distillers Grains 160.3M 22.7
Syrup 0.2M 0.1
Syrup 1.9M 0.3
Ethanol 526.2M 74.5
Ethanol 473.2M 76.6
Total TTM 7/31/14 Revenue of 618.0M
Total TTM 7/31/13 Revenue of 706.3M
TTM 7/31/14 TTM 7/31/13 Ethanol 473,192,584
76.6 526,187,131
74.5 Distillers Grains 126,245,850
20.3 160,279,650 22.7 Corn
Oil 18,299,786
3.0 17,961,163
2.5 Syrup 232,587 0.1
1,910,333 0.3 TOTAL
617,970,807 100.0
706,338,277 100.0
TTM Sales Mix
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Operating Results
in millions, except per share data Three Months Ended July 31, Three Months Ended July 31, Six Months Ended July 31, Six Months Ended July 31, Twelve Months Ended January 31, Twelve Months Ended January 31, Twelve Months Ended January 31, Twelve Months Ended January 31,
2014 2013 2014 2013 2014 2013
Alternative Energy 150.1 175.3 306.0 353.6 665.6 656.1
Real Estate 0.1 0.1 0.2 0.2 0.5 0.5
Total net sales and revenue 150.2 175.4 306.2 353.8 666.1 656.6

Gross profit 38.8 10.9 75.4 20.0 64.2 13.6

Segment profit (loss)
Alternative energy 41.5 11.1 80.4 17.7 63.2 (1.0)
Real estate 0.0 (0.1) 0.0 (0.2) (0.4) (0.5)
Corporate expense, net (0.8) (0.7) (1.5) (1.4) (3.1) (2.3)

Amounts Attributable to REX Common Shareholders
Net income (loss) from continuing operations 21.9 5.7 43.6 8.9 33.9 (2.9)
Diluted net income (loss) from continuing operations per share 2.68 0.70 5.35 1.09 4.15 (0.35)
Net income (loss) 21.9 5.8 43.6 9.3 35.1 (2.3)
Diluted net income (loss) per share 2.68 0.71 5.35 1.14 4.29 (0.28)
Weighted average diluted shares outstanding 8.2 8.2 8.2 8.2 8.2 8.3
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Strong Balance Sheet
in millions July 31, January 31,
2014 2014
Cash and cash equivalents 152.2 105.1
Total current assets 188.9 148.8
Property equipment, net 197.2 202.3
Equity method investments 78.1 71.2
Total Assets 469.5 427.9

Current portion of long-term debt 24.0 12.2
Total current liabilities 46.9 32.1
Long term debt 38.0 63.5
Total REX Equity (excludes non-controlling interests) 324.4 279.3
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Deep Heavy Oil Technology Investment

• Much of the worlds 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

• 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 1.3M (through 7/31/14) 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

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REX Summary

• Successful alternative energy investor since 1998
• Interests in seven ethanol production facilities
  with annualized sales of 750 million gallons
  (TTM)
• REX effective ownership interest of annualized
  TTM gallons sold 262 million gallons
• Pre-tax ROIs of 25 - 52 (trailing four fiscal
  years annualized)
• Industry leading ethanol production skill and
  plant efficiencies
• REX ethanol operations are among best performing
  plants
• Alternative energy segment profit of 63.2M in in
  FY13 and 75.4M in 1H14
• 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
• Insider ownership of approximately 16
• Strong asset base (at 7/31/14)
• Shareholders equity 324.4M (39.65 per share)

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Doug Bruggeman Joseph Jaffoni, Norberto
Aja REX JCIR Chief Financial
Officer [phone] (937)
276-3931 rex_at_jcir.com
One Earth Energy, LLCGibson City, IL