One Earth Energy, LLCGibson City, IL

Stuart Rose, Chairman & CEODoug Bruggeman, CFO

December 2011

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

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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% of revenue and 74% of assets (10/31/11)

Ownership in six operating ethanol production facilities representing 219M gallons of annual operating nameplate production Revenues from ethanol, distillers grain & corn oil

Strong, liquid balance sheet (as of 10/31/11) (based on 8.4M diluted shares) Unrestricted cash of $67.0M ~ $ 7.98/share Net book value of retail real estate $18.6M ~ $ 2.21/share Carrying value of ownership in six plants $156.2M ~ $18.60/share

REX shareholders’ book value $238.2M ~$28.36/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 33%

REX Overview

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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 as of 11/1/11 REX has: Investments in six operating ethanol production facilities Ownership of ~219.2mgy of nameplate ethanol production

Includes 48% interest in 100mgy NuGen Energy facility acquired 7/10 and additional 50% NuGen Energy interest acquired 11/11

Alternative Energy Investments

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Ethanol industry blends approximately 13 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*

Industry will no longer get tax subsidies effective 1/1/12(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

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REX Ethanol Portfolio at 11/1/11

Nameplate Non-Recourse %Entity/Location Capacity Plant Debt Ownership REX Capacity (mgy) (millions) (millions) Owned (mgy)

One Earth Energy, LLCGibson City, IL 100 $71.7 (2) 74% 74.0

Patriot Renewable Fuels, LLCAnnawan, IL 100 $60.9 (2) 23% 23.0

TOTAL 592 n/a n/a 219.2

(1) REX owns a 10% interest in Big River which owns 100% of West Burlington & Galva & 50.5% of Dyersville plants.

(2) Non-Recourse Plant Debt figures are as of 9/30/11(3) NuGen Non-Recourse Plant Debt is as of 11/1/11

Big River Resources, LLCWest Burlington, IA (1) 92 10% 9.2

Big River Resources $117.5 (2)

Galva, IL (1) 100 10% 10.0

Big River United Energy Dyersville, IA (1) 100 5% 5.0

NuGen Energy, LLCMarion, SD 100 $55.0 (3) 98% 98.0

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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 nameplate production by ~30% to

approximately 219 mgy Results will be consolidated in REX’s financial statements beginning Q4FY’11

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 Plant built by Fagen, Inc. with ICM, Inc. technology

Acquisition of Additional NuGen Interest

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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

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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) expires Dec. 31, 2011

Distillers Grain

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

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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

Operating Results

Nine Months Ended$ in millions, except per share data

Net sales and revenue:Alternative energy (1) $238.6 $205.8Real estate 0.9 0.7Total net sales and revenue $239.5 $206.5

Gross profit $13.3 $20.5

Segment profit (loss):Alternative energy (1) $22.8 $18.6Real estate (1.5) (0.6)Corporate expense (1.7) (2.1)Income from synthetic fuel partnership 2.9 --Interest income, net 0.2 0.2

Income from continuing operationsincluding non-controlling interests $14.5 $10.3

Net income from continuing operations $12.1 $8.2Net income from continuing operations per share $1.28 $0.83

Net income $13.5 $9.7Diluted net income per share $1.43 $0.98

Weighted average diluted shares outstanding 9.5 9.9

(1) 10/31/10 period includes results attributable to non-controlling interest of Levelland Hockley (44%) and One Earth Energy (26%) and 10/31/11 period includes results attributable to non-controlling interest in One Earth Energy (26%).

10/31/11 10/31/10

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Strong Balance Sheet

$ in millions 10/31/11 1/31/11

Cash and Cash Equivalents $ 86.8 $ 91.0

Total Current Assets 108.8 125.8

Property & Equipment, net 158.9 169.8

Deferred Taxes, net 3.5 11.0

Equity Method Investments 80.8 67.3

Other Investments and Deposits 1.6 1.6

Total Assets $356.6 $375.7

Current Debt $ 11.1 $ 10.0

Total Current Liabilities 24.5 24.6

Deferred Income 3.1 6.4

Long Term Debt - Non Recourse 61.0 69.0

Long Term Debt - Recourse 0.8 1.9

Total REX Equity (excludes non-controlling interests)$238.2 $244.9

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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 10/31/11: Carrying value $17.4M, net of $1.1M of debt 24 owned store locations & 1 distribution center

Divesting real estate on an opportunistic basis No urgency to exit at lower valuations given strong cash position

Real Estate Assets

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Capital Allocation Priorities

Ethanol plants and other industrial investments

Share repurchases below book value 4.3M shares repurchased last three years + YTD; $13.58 avg. price Repurchased 1,506,814 shares YTD; $16.86 avg. price 162,455 shares remaining under current repurchase authorization

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Successful alternative energy investor since 1998

Interests in six operating ethanol production facilities 219.2M gals of production capacity/year Alternative energy segment profit of $13.4M in FY’10 and $22.8M in

FY’11 YTD

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 10/31/11): Shareholders‘ equity $238.2M (~$28.36 share) Unrestricted cash $67.0M Net real estate value $17.4M

8.3M common shares outstanding at 11/30/11

REX Summary

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REX AMERICAN RESOURCES CORPORATION

REX: NYSEwww.rexamerican.com

Investor Relations Contacts:Joseph Jaffoni/David CollinsJaffoni & Collins Incorporated212/835-8500 or rex@jcir.com

Review of REX American’s Investments in Operating Ethanol

Plants

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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: ~$153.5M 10/07: REX funded $50.8M 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 ~54M bushels of grain can be stored at three of the nearest elevator locations ~200M bushels of corn are produced annually in surrounding counties

REX has received dividends of $5.1M through 10/31/11

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NuGen Energy, LLC Summary

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REX has a 98% ownership interest in NuGen Energy, LLC Acquired additional 50% interest effective 11/1/11

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 $14M REX sold its interests in the plant in 2007 to U.S. BioEnergy for ~$24M 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 $9.2M and commitment to pay up to

an additional $6.5M based on future profitability $3.1M received and funded through July 31, 2011

11/1/11: REX acquired additional 50% interest for $19.7M which also paid in full prior contingent consideration liability

Fagen and ICM construction, design and engineering

REX received dividends of $3.1M through 10/31/11

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: ~ $155M 12/06: Acquired 23% of Patriot for $16.0M 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 $1.6M through 10/31/11

Patriot Renewable Fuels, LLC Summary

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Big River Resources, LLC Summary

Big River was formed to develop/acquire ethanol facilities Owns 5 elevators with ~10M bushels of grain storage

REX acquired 10% ownership in Big River for $20M

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 $4.7M through 10/31/1120

One Earth Energy, LLCGibson City, IL

Stuart Rose, Chairman & CEODoug Bruggeman, CFO

December 2011

REX: NYSEwww.rexamerican.com

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