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One Earth Energy, LLC Gibson City, IL REX: NYSE www.rexamerican.com Stuart Rose, Chairman & CEO Doug Bruggeman, CFO November 2012

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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

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Ethanol Industry Considerations 3 The ethanol industry produced approximately 13.9 billion gallons of ethanol in 2011, thereby reducing our reliance on foreign oil Helps U.S. balance of trade Helps U.S. move towards energy independence Approximately 1/3 of corn used in ethanol production is returned to feed market in the form of DDG, corn gluten meal and corn oil* National benefits Farmers require fewer government-sponsored price subsidies Land being transitioned away from land bank Ethanol production generates higher tax revenues Ethanol production added nearly $42B to GDP* Ethanol production increased household income by ~$36B* Effective 1/1/12, industry no longer receives tax subsidies (VEETC) Farm states are less impacted by challenged economic environment Ethanol estimated to have created 400,000 jobs 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) by up to 52% compared to gasoline production and use.** Sources: * Renewable Fuels Associations ** U.S. Department of Energy

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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 99.8% of revenue and 83.5% of assets (7/31/12) Ownership in seven ethanol production facilities representing In aggregate, 709.7 million gallons of TTM annualized gallons shipped by seven plants REX effective ownership interest of TTM annualized gallons shipped = 253.5 million gallons Revenues from ethanol, distillers grains & corn oil Strong, liquid balance sheet (as of 7/31/12) (based on 8.3M diluted shares) Unrestricted cash of $48.1M~ $ 5.79/share Net book value of retail real estate$14.9M~ $ 1.80/share Carrying value of ownership in seven plants$195.0M~ $23.49/share REX shareholders book value$252.4M~$30.41/share ROE-focused asset allocation discipline 11.2% average ROE since 1993 (despite low returns on high cash balances) ~24% return in FY11 on initial ethanol investments Share repurchase program Insider ownership approximately 33% REX Overview 4

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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 Fagen is large, respected U.S. green energy design-builder 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 grains (DDGs) as animal feed Recently added corn oil production capabilities to consolidated plants REX Ethanol Strategy 5

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Effective 11/1 acquired additional 50% equity interest in NuGen Energy ethanol production plant, raising REXs ownership to 98% Total cash consideration of $12.7 million for additional equity and REXs remaining contingent liability and REX made a $7.0 million capital contribution to reduce NuGen long-term debt Transaction funded with cash on hand NuGens non-recourse bank debt refinanced $55 million mortgage debt and $10 million revolving credit facility Increase REXs ownership of annual gallon of production by ~30% Results are consolidated in REXs financial statements beginning Q4 FY11 In 2/12 NuGen repurchased shares which had the effect of raising REXs equity ownership in the facility to 99% NuGen operates a nameplate 100 mgy ethanol production facility Favorable location with excellent infrastructure including railroad, natural gas and local corn supply Produced 115.7 mgy and 110.3 mgy of denatured ethanol in FYE 7/31/11 and 7/31/10, respectively Sold 112.9 million gallons in TTM 7/31/12 Plant built by Fagen, Inc. with ICM, Inc. technology Dollars in millions, unaudited Twelve Months Ended July 31 st, 201220112010 Sales$ 322.0$ 336.6$ 234.1 Gross Profit27.731.118.6 General and Administrative Expense5.64.85.3 EBITDA*22.832.018.0 Depreciation and Amortization Expense(4.7) (4.6) Earnings Before Interest and Taxes18.127.313.4 Interest Expense, net(3.3)(3.0)(3.3) Net Income (pre-tax)$ 14.8$ 24.3$ 10.1 Denatured Production (millions of gallons)112.9115.7110.3 *EBITDA, or earnings before interest, taxes, depreciation and amortization is not a measure of performance or liquidity calculated in accordance with GAAP. EBITDA for NuGen is calculated by adding interest expense, net and depreciation and amortization expense to pre-tax net income. Acquisition of Additional NuGen Interest 6

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High Return Ethanol Investments 7 ($ in 000s) Date of Initial Investment $ of Initial Investment REX Share FY11 Earnings REX Share FY10 Earnings NuGen Energy June 10 ($12,290) Nov. 11 ($19,678) $31,968$16,482 (1) $4,011 (2) One Earth EnergyOct. 07$50,765$14,839$19,207 Patriot Renewable Fuels Dec. 06 ($16,000) Jan. 12 ($1,947) $17,947$5,274$5,159 Big River Resources Oct. 06 ($5,000) Jan. 07 ($5,000) July 07 ($10,000) Sept. 09 ($25) $20,025$6,930$5,387 (1) FY11 earnings represent 10 months of 48% ownership and 3 months of 98% ownership (2) FY10 earnings represent 6 months of 48% ownership (7/1/10 12/31/10)

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REX Ethanol Portfolio 8 Entity/Location Plant TTM Gallons Shipped (millions)2 Current REX Ownership Interest REXs Current Effective Ownership of TTM Gallons Shipped (millions) One Earth Energy, LLC Gibson City, IL106.674%78.9 NuGen Energy, LLC Marion, SD112.999%111.8 Patriot Holdings, LLC Annawan, IL114.027%30.8 Big River Resources West Burlington, LLC West Burlington, IA101.910%10.2 Big River Resources Galva, LLC Galva, IL105.210%10.5 Big River United Energy, LLC Dyersville, IA111.95%5.6 Big River Resources Boyceville, LLC 1 Boyceville, WI57.210%5.7 Total709.7n/a253.5 1 REXs current effective annual gallons sold represents seven month results for Big River Resources Boyceville, LLC on an annualized basis 2 Figures as of 6/30/12; NuGen as of 7/31/12

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REX Ethanol Ownership Growth 9 Rex Ethanol Ownership (in millions of gallons) 1 Projected based upon current ownership levels using historical production levels 1 May-09: Big River Galva commenced operation Aug-09: Big River United (Dyersville) interest added Jul-10: REX acquired 48% stake in Nugen Nov-11: REX acquired 50% stake in Nugen Dec-11: Big River Boyceville interest added Jan-12: REX increased stake in Patriot by 3%; total ownership now 27% 2012 2011 2010 2009

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Ethanol Federal EPA ethanol purchasing mandates continue to rise (1) : YearTarget 201213.2 BGY 201313.8 BGY 201414.4 BGY 2015 & beyond15.0 BGY $0.45 per gallon VEETC (blenders credit) expired Dec. 31, 2011 Distillers Grains Rising corn prices have driven DDG pricing increases, helping offset impact on crush spreads Corn Oil Produces approximately 1.7 million lbs. per month at full capacity. Potential to generate $400,000 - $600,000 of monthly income per plant Demand/Pricing Drivers 10 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.

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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 grains (DDGs) pricing supplements and, at times, offsets weaker crush spreads REXs average realized DDG prices per quarter are reflected on green line below. Calculated using CBOT monthly average prices 11 Crush Spread & DDG Pricing

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$ in millions, except per share data Three Months Ended July 31, Six Months Ended July 31, 2012201120122011 Alternative Energy 1 $152.8$73.5$303.4$154.4 Real Estate0.40.30.70.6 Total net sales and revenue$153.2$73.8$304.1$155.0 Gross profit$6.8$(0.2)$12.3$4.5 Segment profit (loss) Alternative energy 1 $2.4$2.0$4.9$10.5 Real estate(0.3)(1.2)(0.4)(1.3) Corporate expense(0.6) (1.1)(1.2) Income from synthetic fuel partnership-2.9- Interest income, net-0.05-0.15 Net income from continuing operations$0.58$2.0$1.3$6.1 Net income from continuing operations per share (diluted)$0.07$0.21$0.16$0.64 Net income attributable to REX common shareholders$0.8$2.3$1.7$7.0 Diluted net income per share$0.10$0.25$0.21$0.73 Weighted average diluted shares outstanding8.49.68.49.6 1 Includes results attributable to non-controlling interests of approximately 26% for One Earth in fiscal year 2011 and 2012. Beginning November 1, 2011, the NuGen non-controlling interests of approximately 2.5% for fiscal year 2011 and approximately 1% for fiscal year 2012 are included in the results. 12 Operating Results

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$ in millions, except per share data July 31,January 31, 2012 Cash and cash equivalents$ 64.0$ 75.0 Total current assets116.8127.0 Property & equipment, net232.2240.1 Equity method investments59.661.7 Total Assets$416.5$438.0 Current debt$ 12.7$ 15.2 Total current liabilities26.437.2 Long term debt non recourse (ethanol)99.4107.7 Long term debt recourse (real estate)0.70.8 Total REX Equity (excludes non-controlling interests) $252.4$252.5 13 Strong Balance Sheet

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Ethanol plants and other industrial investments Share repurchases below book value ~4.0M shares repurchased last four years at average price of $13.47 Repurchased 1,305,589 shares in FY11 at average price of $17.02 and 205,068 in YTD FY12 at an average price of $17.96 Approximately 457,000 shares remaining under expanded repurchase authorization approved August 2012 8.2 million common shares outstanding 14 Capital Allocation Priorities

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Successful alternative energy investor since 1998 Interests in seven ethanol production facilities with annualized sales of ~710 million gallons (TTM) REX effective ownership interest of annualized TTM gallons sold = ~253 million gallons Alternative energy segment profit of $48.6M in FY11 vs. $13.4M in FY10 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 ~24% return in FY11 on initial ethanol investments Long-term program of share repurchases below book value Insider ownership of ~33% Strong asset base (at 7/31/12): Shareholders equity $252.4M (~$30.41 share) Consolidated cash $64.0M Real estate value $14.9M 8.3M diluted shares outstanding 15 REX Summary

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One Earth Energy, LLC Gibson City, IL REX: NYSE www.rexamerican.com Stuart Rose, Chairman & CEO Doug Bruggeman, CFO November 2012