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

One Earth Energy, LLCGibson City, IL

Stuart Rose, Chairman & CEODoug Bruggeman, CFO

March 2012

REX: NYSEwww.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.

Safe Harbor

2

Successful alternative energy investor since 1998 Synfuel investments of $6M yielded ~$178M return over 10 years 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 99.7% of revenue and 83.8% of assets

(1/31/12)

Ownership in seven operating ethanol production facilities representing In aggregate, 668.8 million gallons of TTM annual gallons sold by seven plants REX effective ownership interest of TTM gallons sold = 248.2 million gallons Revenues from ethanol, distillers grain & corn oil

Strong, liquid balance sheet (as of 1/31/12) (based on 8.4M diluted shares) Unrestricted cash of $46.1M ~ $ 5.49/share Net book value of retail real estate $17.5M ~ $ 2.08/share Carrying value of ownership in seven plants $197.8M ~ $23.50/share

REX shareholders’ book value $252.5M ~$30.06/share

ROE-focused asset allocation discipline 11.2% average ROE since 1993 (despite low returns on high cash balances) Share repurchase program Insider ownership approximately 33%

REX Overview

3

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 3rd synthetic fuel facility in FY ‘02; was sold in FY ’04

Synfuel partnership performance - FY ’98 - FY ’11 Total investment income ~$130M from sale of partnership interests Allocated income tax credits of ~$48M Plus $2.9M in income received in Q2 ‘11 from plant sold in 2006

Entered ethanol sector FY ’06 and REX currently has: Investments in seven operating ethanol production facilities Effective ownership of ~248 million annual gallons sold

Alternative Energy Investments

4

Ethanol industry blends approximately 14 billion gallons per year, thereby reducing our reliance on foreign oil Helps U.S. balance of trade Helps country 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 feed*

National benefits Farmers require fewer price subsidies Land being transitioned away from “land bank” Ethanol generates higher tax revenues

Ethanol production added nearly $54 bn to GDP* Ethanol production increased household income by $36 bn*

Effective 1/1/12 industry no longer receives tax subsidies (VEETC) Farm states 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*

* Source: Renewable Fuels Associations

Ethanol Industry Considerations

5

REX Ethanol Portfolio

PLANT REX’S CURRENT TTM GALLONS CURRENT EFFECTIVE OWNERSHIP

ENTITY/LOCATION SOLD REX OWNERSHIP OF TTM GALLONS SOLD (millions) INTEREST (millions)

One Earth Energy, LLCGibson City, IL 104.6 74% 77.4

Patriot Renewable Fuels, LLCAnnawan, IL 114.8 26% 29.8

TOTAL (2) 668.8 n/a 248.2

(1) REX’s current effective annual gallons sold represents one month of ownership of Big River Resources Boyceville, LLC.

(2) Table excludes results related to the LHCE operations which ceased production in January 2011.

Big River ResourcesWest Burlington, LLC West Burlington, IA (1) 105.5 10% 10.5

Big River Resources Galva, LLC Galva, IL (1) 106.4 10% 10.5

Big River United Energy, LLC Dyersville, IA 118.2 5% 5.9

Big River Resources Boyceville, LLCBoyceville, WI (1) 4.7 10% 0.5

NuGen Energy, LLCMarion, SD 114.6 99% 113.5

6

Effective 11/1 acquired additional 50% equity interest in NuGen Energy ethanol production plant, raising REX’s ownership to 98% Total cash consideration of $12.7 million for additional equity and REX’s remaining

contingent liability and REX made a $7.0 million capital contribution to reduce NuGen long-term debt

Transaction funded with cash on hand NuGen’s non-recourse bank debt refinanced

$55 million mortgage debt and $10 million revolving credit facility Increases REX’s ownership of annual gallon production by ~30% Results are consolidated in REX’s financial statements beginning Q4FY’11 In 2/12 NuGen repurchased shares which had the effect of raising REX’s 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 114.6 million gallons in TTM 1/31/12 Plant built by Fagen, Inc. with ICM, Inc. technology

Acquisition of Additional NuGen Interest

7

Dollars in millions, unaudited Twelve Months Ended July 31,

  2011 2010 ChangeSales $ 336.6 $ 234.1 +43.8

%Gross Profit 31.1 18.6 +67.2

%General and Administrative Expense 4.8 5.3

(9.4) %EBITDA* 32.0 18.0 +77.8

%Depreciation and Amortization Expense (4.7) (4.6) +2.2

%Earnings Before Interest and Taxes 27.3 13.4 +103.7 %Interest Expense, net (3.0)

(3.3) (9.1)

%Net Income (pre-tax) $ 24.3 $ 10.1 +140.6 %Denatured Production (millions of gallons) 115.7 110.3   +4.9 %

* 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.

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. 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

REX Ethanol Strategy

8

Demand/Pricing Drivers

Ethanol

Federal EPA ethanol purchasing mandates continue to rise, requiring refiners to purchase more ethanol each year:

Year Target 2011 12.6 BGY2012 13.2 BGY2013 13.8 BGY2014 14.4 BGY2015 & beyond 15.0 BGY

$0.45 per gallon VEETC (blender’s credit) expired Dec. 31, 2011

Distillers Grain

Rising corn prices have driven DDG pricing increases, helping offset impact on crush spreads

9

Feb-10 May-10 Aug-10 Nov-10 Feb-11 May-11 Aug-11 Nov-11 Feb-12(20)

(10)

0

10

20

30

40

50

44

28 29 31

34

25

34

26 21 23

9

4

(1)

6

(4)

2

9

44

24

17

37 33

(1)

(7) (8)

Crush Spread Trend (cents per gallon)

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 in 1H’11 and supplemented improved crush spreads in 2H’11 REX’s average realized DDG prices per quarter are reflected on green line

below.

Calculated using CBOT monthly average prices 10

109

121113

119

149

183193 203 200

Operating Results

Twelve Months Ended$ in millions, except per share data

Net sales and revenue:Alternative energy (1) $408.7 $300.4Real estate 1.3 1.0Total net sales and revenue $410.0 $301.4

Gross profit $33.8 $30.6

Segment profit (loss):Alternative energy (1) $48.7 $13.4Real estate (1.5) (0.8)Corporate expense (2.3) (2.7)Income from synthetic fuel partnership 2.9 --Interest income, net 0.2 0.2

Income from continuing operationsincluding non-controlling interests $31.9 $7.1

Net income from continuing operations $26.5 $3.4Net income from continuing operations per share $2.88 $0.34

Net income $28.3 $5.1Diluted net income per share $3.08 $0.52

Weighted average diluted shares outstanding 9.2 9.8

(1) Includes results attributable to non-controlling interests of approximately 44% for Levelland Hockley in fiscal year 2010 and 26% for One Earth in fiscal year 2010 and fiscal year 2011. Effective January 31, 2011, REX reduced its equity ownership in Levelland Hockley to 49% from 56%. Beginning November 1, 2011, the non-controlling interests of NuGen, which equal approximately 2.5% are included in the results.

1/31/12 1/31/11

11

Strong Balance Sheet

$ in millions 1/31/12 1/31/11

Cash and Cash Equivalents $ 75.0 $ 91.0

Total Current Assets 127.0 125.8

Property & Equipment, net 240.1 169.8

Deferred Taxes, net - 5.2

Equity Method Investments 61.7 67.3

Other Investments and Deposits 1.4 1.6

Total Assets $438.0 $375.7

Current Debt $ 15.2 $ 10.0

Total Current Liabilities 37.2 24.6

Deferred Income 0.5 2.4

Long Term Debt - Non Recourse 107.7 69.0

Long Term Debt - Recourse 0.8 1.9

Total REX Equity (excludes non-controlling interests)$252.5 $244.9

12

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 $74.5M in cash

Real estate holdings as of 1/31/12: Carrying value $16.4M, net of $1.1M of debt 22 owned store locations & 1 distribution center

Divesting real estate on an opportunistic basis

Real Estate Assets

13

Capital Allocation Priorities

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 FY’11 at average price of

$17.02 162,455 shares remaining under current repurchase

authorization

14FY 08 FY 09 FY 10 FY 11

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

$23.51

$25.82 $24.93

$30.06

$10.82 $10.82 $15.99

$17.02

Growth in Book Value Per Share vs.Annual Average Price of Shares Re-

purchased

Successful alternative energy investor since 1998

Interests in seven operating ethanol production facilities which sold ~669 million gallons (TTM) REX effective ownership interest of TTM gallons sold = ~248 million

gallons Alternative energy segment profit of $48.6M in FY’11 vs. $13.4M in

FY’10

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 ~33%

Strong asset base (at 1/31/12): Shareholders‘ equity $252.5M (~$30.06 share) Unrestricted cash $46.1M Net real estate value $16.4M

8.4M diluted shares outstanding at 1/31/12

REX Summary

15

REX AMERICAN RESOURCES CORPORATION

REX: NYSEwww.rexamerican.com

Investor Relations Contact:Joseph Jaffoni

Jaffoni & Collins Incorporated212/835-8500 or [email protected] 16