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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.

NYSE: REX

STUART ROSECHAIRMAN & CHIEF EXECUTIVE OFFICER

Singular Research – 5th Annual “Best of the Uncovereds” Conference

November 4, 2010

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Successful alternative energy investor since 1998 Synfuel investments of $6M yielded ~$178M return over 10 years Ethanol investments initiated in 2006 REX recorded a profit of $24M in FY’07 on a $14M investment in one of our

earliest ethanol investments

Discontinued consumer electronics retail operations in FY’09 to focus on alternative energy Significant portion of real estate holdings converted to cash in 2007 Changed name and stock symbol in June 2010

Now has ownership interests in seven ethanol production facilities Investments of ~$120M through equity and debt Ownership of 191.6 million gallons of annual production 1H ‘10 alternative energy revenues from consolidated plants grew to $135.8M

vs. $30.9M in 1H ‘09

Robust balance sheet to fund future opportunities (as of 7/31/10) Unrestricted cash of $74.0M (~$7.40/share) Net book value of retail real estate $28.3M (~$2.83/share) Net deferred tax assets of $13.5M (~$1.35/share) Anticipated 1/31/10 tax refund of $5.8M (~$0.58/share) 10.0 million diluted shares outstanding at 7/31/10 (~$12.16/share)

Management’s asset allocation discipline prioritizes ROE 13% average ROE since 1993 Ongoing share repurchase program Insider ownership of approximately 30%

REX Overview

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Previously operated 260+ store consumer electronics chain Built significant portfolio of store locations and 2

warehouse/distribution centers Fully discontinued retail operations in FY ’09 Continue to recognize deferred income from retail service contracts 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 retail sites in 2007 for $74.5 million in cash

$14.8 million gain; paid off $16.1 million in mortgages

Real estate holdings as of 7/31/10: 37 owned store locations (~470,000 square feet) 2 warehouse/distribution centers (~600,000 square feet) Carrying value $30.7 million at 7/31/10, with ~$2.4 million of debt Lease agreements on all or parts of 11 of 37 stores and part of one

distribution center

Real Estate Assets

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FY ’98: Invested in two synthetic fuel limited partnerships Earned federal income tax credits based on the tonnage and content of

solid synthetic fuel produced and sold to unrelated parties REX sold its interests in both partnerships and received quarterly income

subject to production levels and phase outs through calendar 2007

FY ’02: Purchased a third synthetic fuel facility which was sold in FY ‘04

  FY ’98 – FY ’08: Recognized total investment income of

approximately $130M from the sale of partnership interests; was allocated income tax credits of approximately $48 million

FY ’06: Began making commitments to invest in ethanol production facilities to offset YE ‘07 phase out of synthetic fuel income FY ’07: Sold interest in one of its earliest ethanol projects resulting in a

pre-tax gain of approximately $24.0 million

FY ’10: REX has interests in seven operating ethanol production facilities representing ownership of approximately 192mgy

Alternative Energy Investments

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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

Utilize state-of-the-art ethanol production technology Dry mill corn-processing method All plants are Fagen, Inc. and/or ICM, Inc. design and construction

Fagen is a 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

Fagen/ICM plants are highly efficient

Disciplined investment criteria Invest only if project meets strategic and financial criteria Focus on bottom line (profit per gallon) - not top line

Match grain prices with ethanol sales on majority owned plants Forward grain purchases and ethanol sales contracts generally two

month duration Derivative contracts are generally not employed to hedge commodity

price risks

REX does not have exclusive marketing agreements on majority owned plants

REX Ethanol Strategy

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1H’10 Operating Results Summary

Six Months Ended Year EndedJuly 31, January 31,

$ in millions, except per share data

Net sales and revenue:Alternative energy (1) $135.8 $30.9 $169.2

Real estate 0.6 0.5 1.1

Total net sales and revenue $136.4 $31.4 $170.3

Segment profit (loss):Alternative energy (1) $10.7 $(2.4) $17.8Real estate (1.1) (0.1) (2.4)Corporate expense (1.5) (0.9) (1.7)Interest expense (0.1) (0.3) (0.4)Interest income 0.2 0.2 0.3Income (loss) from continuing operationsbefore taxes and non-controlling interests $8.2 $(3.4) $13.6

Income (loss) from continuing operationsnet of taxes and non-controlling interests $4.0 $(1.7) $5.2

Net income (loss) per share from continuingoperations net of taxes and non-controllinginterests $0.39 $(0.18) $0.54

Net income (loss) per share $0.54 $(0.10) $0.91

Weighted average diluted shares outstanding10.0 9.3 9.6

2010 2009 2010

(1) Includes results attributable to non-controlling interest of 44% for Levelland Hockley and 26% for One Earth Energy.

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Sales Mix

Ethanol 83%

Dried distiller grains 14%

Wet distiller grains 3%

Alternative Energy - $64.8M (100%)

Real Estate - $0.3 million (0%)

Three Months Ended 7/31/10

Alternative Energy - $16.8M (99%)

Real Estate - $0.3M (1%)

Dried distiller grains 9%

Wet distiller grains 11%

Three Months Ended 7/31/09

Real estate 0%

Ethanol 78%

Real estate 2%

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Strong Balance Sheet

$ in millions 7/31/10 1/31/10

Cash and Cash Equivalents $ 89.6 $ 100.4

Total Current Assets $ 119.9 $ 140.1

Property & Equipment, net 237.6 246.9

Deferred Taxes, net 13.5 14.8

Equity Method Investments 61.1 44.1

Total Assets $436.4 $451.5

Current Debt $ 13.8 $ 13.3

Total Current Liabilities 35.0 38.9

Deferred Income 9.8 14.2

Long term debt - non recourse (ethanol plants)106.3 124.1

Long-term debt - recourse 2.1 2.6

Total REX Equity (excludes non-controlling interests)$250.1 $246.6

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Ethanol Crush Spread

Crush Spread is the price of one gallon of ethanol less the cost of corn to produce one gallon of ethanol One bushel of corn makes ~2.8 gallons of ethanol… …crush spread = Ethanol price – (Bushel of corn price / 2.8)

Crush spread excludes other production costs, transportation or other costs

Calculated using CBOT monthly average prices

2009 2010

Crush Spread Trend - cents per gallon

2126

3431 3425

51

2027

20 18 1824

3541

4856

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28 29

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Ethanol Industry Challenges

$0.45 per gallon VEETC (blender’s credit) will expire Dec. 31, 2010 unless renewed

E15 only allowed for 2007 and later models for now Implementation challenge for gas stations. EPA still testing cars for the 2001 to 2006 model years; results expected by

year end

Price of ethanol versus gasoline does not currently provide incentive for use of ethanol

Industry hope is that mandate will still support the ethanol industry despite these potential issues

Background:

As of Jan 2010 there were 231 million vehicles* of the model year 1981 or later 35 million (15%) are 2007 or later models 85 million (37%) are in years 2001 to 2006 Newer vehicles driven more miles and burn a disproportionate share of fuel

*Source R.L. Polk/The New York Times

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REX: Ethanol PortfolioNameplate REX Equity/ % RSC Capacity

Entity/Location Capacity (mgy) Debt Ownership Owned (mgy)

Levelland Hockley (1)Hockley County, TX 40 $16.5/$7.4 56%* 22.4

One Earth EnergyGibson City, IL 100 $50.8/$0.0 74%* 74.0

Patriot Renewable FuelsAnnawan, IL 100 $16.0/$0.0 23% 23.0

TOTAL 632 $112.5/$7.4 n/a 191.6(1) REX has a funding commitment of $1.5 million as part of a $4.0 million line of credit.(2) Acquired effective 6/30/10; REX has committed to pay up to an additional $6.5 million based on future

profitability.(3) Rex has a 10% interest in Big River Resources which owns 100% of W. Burlington & Glava and 50.5% of Dyersville. * The One Earth Energy & Levelland Hockley County facilities are consolidated in REX’s financial reporting.

Big River ResourcesWest Burlington, IA (3) 92 10% 9.2

Big River ResourcesGalva, IL (3) 100 $20.0/$0.0 10% 10.0

Big River United EnergyDyersville, IA (3) 100 5% 5.0

NuGen Energy, LLCMarion, SD (2) 100 $9.2/$0.0 48% 48.0

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Capital Allocation Priorities

Creating Shareholder Value Via Share Repurchases

12,22011,576 11,721

9,55110,170 $23.51

$21.89

$19.94

$17.53

$25.82

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8,000

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12,000

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FY 05 FY 06 FY 07 FY 08 FY 09

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Diluted Ave. Shares Out. (mm) Book Value Per Ave. Diluted Share

Ethanol plants and other industrial investments

Share repurchases below book value 4.3 million shares repurchased for an average price of $13.58 since end

of FY ’07 Repurchased 415,000 shares to date in FY 2010 at an average price of

$16.06 Authorized to repurchase 573,000 shares as of 10/12/10

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Successful alternative energy investor since 1998

Interests in seven ethanol production facilities ~192 million gals of production capacity/year

Growth opportunities in ethanol and other industrial sectors TTM (7/31/10) alternative energy revenue grew 275% to $274.1M TTM (7/31/10) alternative energy gross profit rose to $34.3M from $1.6M Opportunity to expand ownership of existing facilities Opportunities to consider other industrial projects requiring similar skill sets

Proven management team with asset allocation discipline 13% average ROE since 1993 Long-term share repurchases below book value Insider ownership of ~30%

Strong asset base: Shareholders’ equity $250.1M (~$25.01 share) at 7/31/10 Unrestricted cash of ~$74.0M Net real estate of ~$28.3M Net deferred tax asset of $13.5M at 7/31/10 Approximately 10.0 million diluted shares outstanding at 7/31/10

REX Summary

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REX AMERICAN RESOURCES CORPORATIONNYSE: REX

www.rexamerican.com

Investor Relations Contacts:Joseph Jaffoni or David CollinsJaffoni & Collins212/835-8500REX@jcir.com

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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 million 10/07: REX funded $50.8 million to secure a 74% ownership 7/09: Plant commenced operation

Fagen and ICM provided 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 million bushels of grain can be stored at three of the nearest elevator

locations ~200 million bushels of corn are produced annually in surrounding counties

One Earth Energy,LLC.

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Levelland Hockley County Ethanol, LLC Summary

REX has a 56% ownership interest in Levelland Hockley Opportunity to increase stake to 70%

Operates dry mill corn/sorghum processing ethanol plant in Hockley County, Texas; south edge of massive cattle feedlot industry Interchangeable design allows use of sorghum crop in region

40 mgy ethanol capacity; and 130,000 tons of dried distiller grains Plant capital costs: ~$70 million 9/06: Acquired 47.1% of membership units for $11.5 million 12/06: Purchased $5M conv. secured promissory note; converted to equity

7/07 2/08: Purchased $5 million conv. secured promissory note

Allows REX to increase ownership by 6% 3/08: Plant commenced operation 2/09: Agreed to provide $2 million line of credit; issued $1 million letter of

credit Granted warrants which would allow increase of ownership by

additional 6% 8/10: Expanded line of credit to $4 million and canceled $1 million letter

of credit. Granted warrants which would allow increase of ownership by

additional 2%

ICM provided construction, process design and engineering services

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NuGen Energy, LLC Summary

REX has a 48% ownership interest in NuGen 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 a 33.92% interest in the plant acquired for $14 million REX sold its interests in the plant in 2007 to U.S. BioEnergy for ~$24

million 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 million and commitment to

pay up to an additional $6.5 million based on future profitability.

Fagen, Inc. and ICM, Inc. provided construction, process design and engineering services

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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 million 12/06: Acquired 23% of Patriot for $16.0 million 9/08: Plant commenced operation

Fagen and ICM provided construction, process design and engineering

Plant strategically located near rail access, in heart of Illinois corn production Access to ample grain supplies at competitive prices

Patriot Renewable Fuels, LLCSummary

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Big River Resources, LLC Summary

Big River was formed to develop/acquire ethanol facilities Big River is a holding company for several entities Owns 5 elevators with ~10,000,000 bushels of grain storage

REX acquired a 10% ownership interest in Big River for $20 million

Big River Facilities: 92 mgy plant in West Burlington, IA (expanded from 52 mgy)

Commenced operation in 2004 (REX interest is 10%) 100 mgy plant in Galva, IL

Commenced operation 5/09 (REX interest is 10%) Acquired 50% stake in 100 mgy plant in Dyersville, IA in 8/09

(REX interest is 5%)

Fagen/ICM provided construction, process design and engineering for all plants

All plants in close proximity to rail and highway transportation

REX has received dividends of $2.9 million through 7/31/10